China-based bicycle-sharing platform Bluegogo has closed a RMB400m ($58m) round featuring medical technology provider Smart Xingtong, China Money Network has reported.
Venture capital firm Black Hole Capital led the round, which included individual investor Zhang Liang. Bluegogo had previously secured $8.4m in a 2015 series A round backed by Zhen Fund and Sinovation Ventures.
Founded in 2016, Bluegogo offers stationless bicycles that users can reserve, unlock and pay for through a mobile app. It has more than 2.5 million users and has deployed 150,000 bikes across Shenzhen, Guangdong, Chengdu, Nanjing and Foshan in China.
The company plans to use the funding to launch in the city of Beijing and continue its international expansion, having already launched in San Francisco, in the US, last month. Black Hole Capital also led a $21m series A+ round for another bike sharing service, Ubike, in November 2016.