China-based bicycle sharing platform Mobike has raised more than $100m in series C funding from investors including internet group Tencent.
Founded in December 2015, Mobike operates a bicycle sharing service similar to that of rival Ofo, which closed a $130m series C round earlier this week. In contrast to Ofo, which focuses on students, Mobike is targeting white collar workers in cities and has signed up 200,000 registered users.
Mobike announced in late September this year it had received $100m in a series C round featuring hedge fund Hillhouse Capital, investment firm Warburg Pincus and venture capital firms Sequoia Capital and Qiming Venture Partners.
Tencent’s involvement was disclosed on Friday, along with that of Wang Xing, chief executive of local reviews, listings and deals platform Meituan-Dianping.
China Money Network has cited local media reports stating Bertelsmann Asia Investments, a subsidiary of media group Bertelsmann, as well as Joy Capital and Panda Capital also took part in the round. The latter two provided $10m in series B funding for Mobike in August 2016.
– Photo courtesy of Mobike