mobike bicycle china

A Mobike sign is seen in Guangzhou, China. Source: Reuters

China bicycle-sharing startup Mobike gets funding from Temasek, others

CHINESE bicycle-sharing startup Mobike said on Monday it has raised funding in a new round led by Singapore state investor Temasek Holdings [TEM.UL] and hedge fund Hillhouse Capital, bringing its total new funding in 2017 to more than US$300 million.

The Shanghai-founded startup said last month it raised US$215 million from a range of investors including Tencent Holdings Ltd, Warburg Pincus LLC and Chinese travel firm International Ltd.

Mobike also announced an undisclosed investment from Foxconn last month, in a bid to double the number of bikes it produced last year to 10 million in 2017.

A spokesman for the startup declined to confirm the amount of the most recent investment. Mobike has not shared its valuation.

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Mobike allows users to find, ride and pay for company bicycles scattered throughout 21 Chinese cities using an app and QR codes.

The firm is one of two Chinese bike-sharing startups that have raised hundreds of millions in funding since the beginning of 2016.

Earlier this month Mobike confirmed it has already opened an office in Singapore and is currently considering other markets outside China. – Reuters