A week after bike sharing firm Mobike announced an over US$100 million fundraising, Beijing-based rival ofo said it had secured US$130 million series C financing round led by CITIC Private Equity, Coatue Management and Xiaomi Inc.
After two Chinese bike sharing start-ups Ofo and Mobike raised a combined US$230 million in October, a third bike sharing company is joining the battleground.
Beijing-based bike sharing firm ofo, which raised US$130 million venture funding last month following a capital injection from Didi Chuxing, has expanded its operations to 22 cities in China and increased total bike count to 160,000.
Chinese Internet giant Tencent Holdings Ltd. and Warburg Pincus have led a US$215 million series D funding round in Mobike, a Chinese smart bike-sharing company. New strategic investors including China’s largest travel company Ctrip, TPG, and Chinese hotel operator Huazhu Hotels Group, as well as existing investors Sequoia Capital China and Hillhouse Capital also participated.
Beijing-based bike sharing firm ofo has formed a partnership with China Telecommunications and Huawei Technologies Co. Ltd. to improve technology related to smart bikes, which has swept across the nation by storm lately.
Beijing-based Black Hole Capital, a venture firm founded by Zhang Liang, the son of Chinese property giant R&F Properties’ co-founder Zhang Li, has led a RMB400 million (US$58 million) new funding round in Bluegogo, a Tianjin-based bike sharing company, according to Chinese media reports. Smart Xintong, a Shenzhen-based healthcare equipment developer, also participated in the round, which valued Bluegogo at RMB1 billion (US$140 million) post-money. Founded in November 2016, Bluegogo currently operates in five cities, including Shenzhen, Guangdong, Chengdu, Nanjing …
Ant Financial, the financial services affiliate of Alibaba Group Holding Ltd., has teamed up with Chinese venture firm IDG Capital and Shenzhen Capital Group Co., Ltd to invest in a series A financing round in Youon Bike, a Jiangsu province-based bike sharing company, according to Chinese media reports. No financial details were disclosed. Founded in 2010, Youno claims that it has deployed over 800,000 bikes in 210 cities in China and has over 16 million users. The company has partnered …
The venture capital fundraising war between two of China’s largest bike sharing companies intensified today on news that DST Global, an investment firm founded by Russian venture capitalist Yuri Milner, has led a US$450 million series D round in Chinese bike sharing company ofo.
Beijing-based bike sharing company ofo has hired Michelle Chen (pictured), former head of product at Uber China, as chief project officer to handle the company’s product design and data research.
The Shanghai government has asked six bike sharing companies including Mobike and ofo to temporarily suspend bike placement in the city’s central districts, saying shared bikes have reached saturation point in those areas. The move may put the breaks on a venture capital-fueled bike sharing frenzy taking place in China. It also highlights regulatory risks faced by Chinese start-ups.
The bike sharing frenzy that started in China has spread to the other side of the Pacific. Silicon Valley-based venture capital firm Andreessen Horowitz has led a US$12 million series A round in San Francisco-based bike sharing start-up LimeBike, which was founded by two Chinese entrepreneurs.
Ant Financial, the financial services affiliate of Alibaba Group Holding Ltd., has formed a strategic partnership with Beijing-based bike sharing company ofo to embed its personal credit rating system into ofo’s bike renting process, according to Chinese media reports.
Global telecommunications giant Vodafone has joined the bike sharing craze originated in China by agreeing to provide Internet of Things (IoT) connectivity services for Chinese bike sharing company Mobike in Singapore, Mobike’s first venture outside of China.
Mobike, one of China’s biggest bike sharing start-up, has launched operations in Singapore, the first city outside of mainland China for the company to put its bikes in operation, it said today in an announcement.
Jiangsu province-based bike sharing company Youon Bike is making another try for an initial public offering on the Shanghai Stock Exchange, seeking to raise RMB598 million (US$86 million) by issuing 24 million shares. An earlier application was rejected in 2015. Founded in 2010, Youon Bike received an undisclosed amount of money from Ant Financial, the financial services affiliate of Alibaba Group Holding Ltd., and IDG Capital. However, Youon plans to end the funding, according to its IPO prospectus. The company …
A week after Chinese bike sharing company Mobike said it would allow users to rent bikes via Tencent’s Wechat app, rival ofo confirmed that it would be incorporated into Didi Chuxing’s platform.
The cut-throat competition within the Chinese bike sharing market shows no signs of cooling down, even as these start-ups may face more regulatory risks due to their excessive expansion in some cities’ central districts.
Beijing-based bike sharing company ofo is now worth more than US$2 billion, CEO Dai Wei claimed during a media interview. The valuation is about double the company’s estimated worth only 40 days ago when it raised a US$450 million round with a valuation of just over US$1 billion.
China’s mushrooming bike sharing companies have aggregated RMB6 billion (US$872 million) or more in user deposits, according to industry observers. These deposits, growing everyday and currently existing in a regulatory vacuum, may be partially used for high-yielding investments and in turn present massive financial risks to consumers.
The Beijing Municipal Bureau of Financial Work is considering tighter regulations over the management of deposits collected by bike sharing companies, in order to protect consumers and reduce financial risk in the industry.
Chinese bike sharing company Mobike is now worth billions of U.S. dollars, the company’s CEO Davis Wang said during an interview with media. The company became a "unicorn" in January after it completed a US$215 million series C round from Tencent Holdings Ltd. and Warburg Pincus at a valuation of over US$1 billion. Last month, Mobike’s biggest competitor ofo announced that its valuation had reached US$2 billion, which is about double the company’s estimated worth in March when it raised …
Shanghai-based smart bike rental firm Mobike today announced it will launch its service in the British cities of Manchester and Salford later this month, marking the multi-billion dollar start-up’s first operation outside of Asia and the beginning of further expansion in Europe.
Chinese bike rental firm Mobike has raised over US$600 million in a series E financing round led by Tencent Holdings Ltd., the largest financing round to date in the bike sharing space, the firm announced today. It brings the company’s total fundraising this year to nearly US$1 billion.
Beijing-based bike rental company ofo today increased the deposit new users must pay to borrow bikes to RMB199 (US$29) from RMB99 (US$14.5) previously. Despite the increase, ofo’s deposit price remains significantly less than the RMB299 deposits required by rival Mobike.
Leading Chinese bike-sharing company Mobike says it has established a Japanese subsidiary, Mobike Japan Ltd., in Fukuoka city, with plans to begin services in that city later this year. The move comes after the company expanded into Singapore in March and announced plans to launch services in the U.K. later this month.
Mobike is in the process of acquiring a smaller peer, Xiamen city-based UniBike, for an undisclosed amount of money; the first merger deal in China’s red-hot bike sharing industry, according to local media reports citing insiders.
WM Motor, an electric vehicle start-up founded by the former China head of Volvo Car Corporation, has made a strategic investment in Hellobike, a bike-sharing start-up focused on mid-size cities across China.
NewMargin Capital, a venture capital firm listed on China’s New Third Board, has led a series B round worth hundreds of millions of RMB in Xiaoming Bike, a Guangzhou-based bike sharing start-up.
Chinese bike rental firm Mobike extended its footprint in Europe today with trial launches in the Italian cities of Florence and Milan. The move follows the Shanghai-based company’s previous international expansions into Singapore, the United Kingdom and Japan.
Chinese station-free bike sharing platform ofo today announced a global partnership with Adyen, a Netherlands-based multichannel payment company. The collaboration will allow customers around the world to pay for ofo’s rental bikes using their preferred currencies and payment methods.
Despite being an export powerhouse, Chinese products have largely been run-of-the-mill stuff like cloth, shoes and toys. Change is on its way, however, and it’s coming on two wheels in the form of bike sharing.