GLM Inc., a Kyoto-based maker of electric sports cars, closed a new funding round that raised about ¥1.7 billion, people with knowledge of the matter said.
The company completed the series B round with at least 24 investors joining, the people said, asking not to be identified because the information is private. The round was first announced in May, when the company said eight firms, including University of Tokyo Edge Capital Co. and Saudi Arabia's Riyadh Valley Co. had agreed to invest ¥800 million.
Proceeds will be used to promote sales of an updated model of GLM's plug-in vehicle, as well as to accelerate exports of left-hand drive cars to Europe, the Middle East and other parts of Asia, according to the people. GLM is planning an initial public offering as soon as the first half of 2017, they said.
GLM began domestic sales of the Tommy Kaira ZZ, a lightweight two-door sports car, in August last year at a price tag of about ¥8 million before tax. The company, which was founded in 2010, hired former Toyota Motor Corp. and Nissan Motor Co. engineers to help develop the vehicle.
Ken Nosaka, a spokesman for GLM, declined to comment.
GLM raised ¥400 million in its series A funding round in 2013 from venture capital firms including Japan's Globis Capital Partners, according to its website.
