China-based ride-sharing service Gobee.Bike has raised $9m in a series A round backed by Alibaba Hong Kong Entrepreneurs Fund, an investment vehicle for e-commerce group Alibaba, South China Morning Post has reported.
The series A round was led by venture capital firm Grishin Robotics. VC firm Swiss Founders Fund led a seed round of undisclosed size in April 2017, with participation from Cocoon Ignite Ventures and assorted angel investors.
Gobee.Bike allows users to rent bicycles in several districts of Hong Kong. The bikes use a dockless system, meaning users can leave them in any public space after use rather than returning them to a specific location.
The cash will go towards an expansion across several regions in Hong Kong including the New Territories, Lantau Island and Kowloon, with several thousand bikes set to be deployed by the end of this month.
The funding will also support technology research and development and an international expansion.
Raphael Coen, co-founder and CEO of Gobee.Bike, said: “Bike sharing offers many benefits such as improved air quality and a healthier quality of life, which are in line with the government’s initiatives to make Hong Kong a greener city.
“With Gobee.bike’s green technology, we hope to contribute to the local economy and raise Hong Kong’s image as a green city.”