Xiaoming Bike, a China-based bicycle sharing service backed by bicycle maker Cronus Bike, has raised hundreds of millions of renminbi (RMB100m = $14.8m) in series B funding, China Money Network reported on Monday.
Venture capital firm NewMargin Capital led the round, having supplied an eight-figure renminbi amount to Xiaoming in November 2016, the month after it received RMB100m in series A capital from Cronus Bike, according to China Money Network.
Founded in 2016, Xiaoming operates a bike sharing service that requires users to rent and return bicycles to a parking area, differentiating the company from similar offerings in China that use GPS to let cyclists pick up and drop off bikes anywhere in a city.
The funding will go toward the creation of more parking areas, improving the company’s offering and boosting customer experience. Xiaoming introduced bike parking areas in the city of Shanghai and Guangzhou in March this year.