Mobike raises $600 million


From US to Russia and from Brazil to China, the bike sharing phenomenon is taking the world by storm, with China leading the pack with millions of bikes in its cities streets. Unlike other bike sharing services, China’s bikes can be picked up and left anywhere in the city. These bikes have GPS and can simply be locked by the user after a ride and unlocked by the next user by using an app. With Uber selling its China-based business to Didi Chuxing, investors are now setting their sights on bikes, particularly Mobike, one of China’s top bike sharing startups. Last week, Mobike scooped up $600 million in a Series E round from a consortium of investors led by Tencent. Previous to this round, the company had raised over $300 million this year alone and now has a total of $925 million in its war chest. According to reports, the money will be used to fund the company’s global expansion.

Twitter Digg Delicious Stumbleupon Technorati Facebook Email

Comments are closed.