China-based bicycle rental service Hellobike has received RMB1bn ($153m) in series D2 funding from investors including Fosun Capital, a subsidiary of diversified conglomerate Fosun, and venture capital firm GGV Capital, Technode reported today.
The funding will be added to the $350m in series D funding the company raised from electric vehicle developer WM Motor, VC firm Chengwei Capital and Ant Financial, the financial services affiliate of e-commerce firm Alibaba, earlier this month.
Hellobike has built an app-based bike-sharing network. Rivals Mobike and Ofo each have far more daily users but operate mainly in large urban areas, while Hellobike targets the surrounding rural areas and smaller cities.
Chengwei Capital and GGV Capital had invested an undisclosed sum in Hellobike across three rounds of undisclosed size, when WM Motor supplied a nine-figure renminbi amount of funding for the company in July this year.
Ant Financial, VC group IDG Capital and VC firm Shenzhen Capital had invested an undisclosed amount in another bike-sharing service, Youon, in February this year, before the merger of affiliate Youon Ditan with Hellobike in October.