Ride hailing service Grab has participated in a $45m series B round for oBike, the Singapore-based operator of a bicycle sharing network, TechCrunch has reported, citing a source with knowledge of the deal.
The funding was originally announced in August this year but Grab’s participation was not revealed, a statement by oBike mentioning only an investment from a “leading global transportation platform”.
The round also featured venture capital firm Grishin Robotics and several unidentified family offices in Southeast Asia. Grab declined to comment when contacted by TechCrunch for confirmation of its investment.
oBike provides a bicycle hire service that does not require stations in which to lock up the bikes. Users download an app to locate and hire the bicycles and can then leave them in any legal parking spot once they are finished.
The company, which has not disclosed details of earlier funding, launched the service in January 2017 and currently operates in more than 10 countries including Australia, Germany, Netherlands, Thailand and the UK. It will use the series B capital to support further international expansion.
Edward Chen, oBike’s co-founder and chief marketing officer said in August: “We hope to empower commuters globally with flexibility and convenience while helping them reduce their carbon footprint at the same time.”
– Image courtesy of oBike Pte Ltd.