Motorcycle startup ZXMOTO has secured an exclusive investment from Sequoia China, according to China Star Market.

ZXMOTO motorcycles were showcased at the 8th Western China International Fair for Investment and Trade in May in Chongqing. (Photo via China Daily)

While the financial terms were not officially disclosed, Cao Bin, founding partner and chairman of Gaoxin Capital—an early investor in the company—said in a recent interview that Sequoia China invested 150 million yuan ($22.24 million), valuing ZXMOTO at 6 billion yuan post-funding.

The company generated revenue of 670 million yuan last year and expects sales to reach 2 billion to 2.5 billion yuan this year, representing more than a twofold increase year-on-year. ZXMOTO monthly deliveries have exceeded 10,000 units.

Following the investment, Sequoia China and ZXMOTO plan to deepen collaboration in areas including corporate governance, talent development, industry resource integration, and international expansion.