China-based bicycle leasing network Mobike increased its funding in 2017 to $300m yesterday when it secured an undisclosed amount from Singaporean state-owned investment firm Temasek and hedge fund manager Hillhouse Capital.
Although the precise amount invested by Temasek and Hillhouse was not disclosed by Mobike, it raised $215m in a series D round co-led by internet group Tencent last month and additional funding from manufacturing services provider Foxconn, indicating the size of the deal was less than $85m.
Founded in late 2015, Mobike launched its urban bicycle rental network in Shanghai in April 2016 and has since expanded it to 21 Chinese cities. It has so far provided more than 200 million rides to a total of more than 10 million users.
The latest funding takes the company’s funding to at least $405m, and follows the closure of the series D, which Tencent co-led with Warburg Pincus, investing alongside Hillhouse, travel services provider Ctrip, hospitality firm Huazhu Hotels, TPG Capital and Sequoia Capital.
Mobike recently secured Foxconn as an investor, as part of a deal that will involve the contract manufacturer helping it optimise the design of its smart bikes and increasing production to some 10 million units per year as it prepares to expand internationally, beginning with Singapore.
Tencent, Hillhouse, Warburg Pincus, Sequoia Capital, Qiming Venture Partners and private investor Wang Xing had previously provided more than $100m in series C funding for the company in late 2016.
Oyther investors in Mobike include Bertelsmann Asia Investments, the corporate venturing arm of media group Bertelsmann, as well as Temasek subsidiary Vertex Ventures, PGA Venture Partners, China Renaissance, Panda Capital, Sinovation Ventures, Joy Capital and HongZhuo Capital.
Davis Wang, Mobike’s co-founder and CEO, said: “We are the clear leader in our industry globally, and are excited that our investors and other strategic partners recognise and support our ambitious goal to transform urban transport globally.
“In 2017, we will continue to invest in enhancing our technology, increasing our production capacity, recruiting top talent to our team, and in promoting Mobike’s innovative model internationally.”