Northern Light Venture Joins $32M Series B Round In Dadabus

Shenzhen-based Dadabus, a mobile app that allows users to share customized bus rides, has completed RMB200 million (US$32 million) series B round of financing from Northern Light Northern Light Venture Capital and a new Chinese venture firm Jinqiao Capital.

Launched in March this year, the six-months-old app maker has already received angel investment and RMB37 million series A round since its founding, according to Chinese media reports.

The company claims it has 2,000 customized bus routes serving commuters in 13 major Chinese cities, and has 1.5 million registered users.

Dadabus says it will use the proceeds on expanding its services to more cities and exploring new methods to grow revenue including on-board advertising.

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