Published By : 19 Jun 2017 | Published By : QYRESEARCH
In a financing round headed by Tencent Holdings, Mobike, the Chinese bike-sharing startup, has raised US$600 mn, which is its highest financing round till date as it aggressively looks for expansion. Including the latest funding, the company, which is currently operating in nearly 100 cities in China, has raised more than US$900 mn since October, 2016. It has also introduced a pilot service of one thousand bikes in Manchester and Salford, in an effort to expand its business in the U.K.
Davis Wang, CEO, Mobike, stated that “they will increase the pace of their business expansion across the world with their target rising to 200 cities by the end of 2017.” The new financing round will fund the company’s artificial intelligence technology and in Internet-of-Things (IoT) to support the brand, he added.
ICBC International, BOCOM International, and Farallon Capital Join Team of Investors at Mobike
ICBC International Holdings, BOCOM International Holdings, asset management enterprise, Farallon Capital joined the financier team of Mobike in this round. The existing investors, Tencent Holdings, Sequoia Capital, TPG Capital, and Hillhouse Capital, also provided financial assistance in the recent financing round. Hitherto, the company has not disclosed the valuation at which it generated the fresh funds. China Renaissance, and investment firm, played the role of exclusive financial advisor for this deal.
Mobike has a base of a whopping 100 million users across the world and it supports round about 25 million rides per day. Ofo, the top competitor of Mobike, raised US$450 mn in May from An array of investors, including Didi Chuxing, a Chinese ride-sharing service.