China-based electric bicycle rental service Qeebike has raised an eight-figure dollar amount in a series A round featuring Legend Capital, the venture capital firm formed by conglomerate Legend Capital, Kr Asia reported yesterday.
VC group IDG Capital led the round, which included investment banking firm Incapital and VC funds Ventech China and Qingsong Fund.
Founded in late 2016, Qeebike runs an app-based bicycle sharing service that makes use of a fleet of almost 10,000 electric bikes intended to complement ride hailing platforms and public transport.
The company builds a network of charging stations throughout the areas in which it operates in order to cut charging times. Its service is currently only available in the city of Hangzhou, but it intends to begin expanding into additional cities and is preparing to raise more funding.
Legend Capital and Incapital invested an undisclosed amount in Qeebike at the time of its 2016 launch, before joining Qingsong Fund for a pre-series A round in May 2017 that raised an eight-figure renminbi (RMB10m = $1.45m) amount.
– Image courtesy of Qeebike Technology Co, Ltd.