Japan Electric Car Maker GLM Said to Close $14 Million Funding

GLM Inc., a Japanese electric sports car maker, closed a new funding round that raised about 1.7 billion yen ($14 million), people with knowledge of the matter said.

The Kyoto-based 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 yen.