China-based bicycle information site 700Bike has secured $15m in a series A round featuring corporate-affiliated venture capital firm IDG Capital Partners, China Money Network reported yesterday.
The round also included the participation of VC firms Banyan Capital and China Growth Capital. IDG Capital Partners is the China-based affiliate of media and data company International Data Group.
700Bike has also secured RMB 300 million ($48m) in debt financing in order to expand its 50-strong team, meet supply chain-related costs and expand the brand into the leisure cycling market.
Founded in 2012, 700Bike was initially an information portal for bicycle lovers and related cycling events, but in the last six months it has expanded into manufacturing custom bikes using internet technology.
– Image courtesy of 700Bike.com