Electric vehicle developer WM Motor has invested an undisclosed nine-figure renminbi (RMB100m = $14.7m) amount in China-based bike sharing service Hellobike, China Money Network reported on Monday.
Hellobike runs a bicycle rental service that operates in 90 Chinese cities, typically in urban centres with populations of 5 to 10 million. It intends to expand its base of operations to about 300 cities this year and grow the number of bikes in its network to 5 million.
Chengwei Capital led a series B round, also consisting of a nine-figure renminbi sum, for Hellobike in April this year, investing alongside GGV Capital, the venture capital firm that had provided the startup with undisclosed sums across series A and A+ rounds.