Thursday, April 9, 2020

China’s Mobike lands US$600 million in latest round of financing

Mobike, Chinese bike-sharing startup, has raised over US$600 million in new funding, led by existing investor and internet giant, Tencent. This round of financing brings their total funding in 2017 to US$900 million. New investors include renowned banks Bocom International, ICBC International and global institutional asset management firm, Farallon Capital.

New financing efforts are to push-forth upcoming global expansions. Mobike is launching a subsidiary in Fukuoka, Japan this Thursday. The startup’s head of international expansion, Chris Martin said, “Fukuoka City, known for its innovation and dynamism, is a natural partner for Mobike. The city government and the Fukuoka Directive Council (FDC) have given Mobike an incredible platform from which to expand our business in Japan.”

Mobike has over 20 million daily orders, operates more than 5 million bicycles and has 100 million registered users. Their smart bikes are equipped with GPS navigation systems and smart-lock technology. Mobike only launched in Shanghai last April and has expanded to 100 cities within the first half year in 2017 alone. Davis Wong, CEO and co-founder, said, “Our new target is to be in 200 cities by the end of the year.”

The bike-sharing company has already launched international operations in Singapore and United Kingdom.

Source: SCMP 1, 2

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