China-based bicycle sharing startup Ubike has raised $22m in a series A round led by Yicun Capital, a subsidiary of textiles, trading and electricity group Jiangsu Huaxicun, China Money Network reported today.
The round included venture capital firm Black Hole Capital and investment firm Zhonglu Capital, the latter of which also contributed to a RMB10m round Ubike reportedly closed in September this year.
Ubike operates a bike sharing service similar to rivals Ofo and Mobike, but has formed a partnership with Yongjiu Group, a bicycle manufacturer that like Ubike is situated in Shanghai, to supply it with bikes.
The company plans to launch its service this month with some 100,000 bicycles, some of which were previously government owned, and intends to expand to other large cities by the end of 2016. Mobike, which is also headquartered in Shanghai, has 30,000 bikes in the city.