FUND-RAISING
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Uber

Mobike gets US$215 million in series D funding

Investors led by Tencent and Warburg Pincus included Ctrip, Huazhu, TPG, Sequoia Capital and Hillhouse Capital

PUBLISHED : Wednesday, 04 January, 2017, 8:55pm
UPDATED : Wednesday, 04 January, 2017, 8:55pm

Chinese bicycle-sharing start-up Mobike said Friday that it raised US$215 million in its series D financing round, led by Tencent Holdings and global private equity company Warburg Pincus.

Chinese online travelling company Ctrip, hotel operator Huazhu Hotels Group and private equity firm TPG are also among the new strategic investors in this round of financing, Mobike said in a statement.

Sequoia China and Hillhouse Capital, the venture capital firms which are existing investors of Mobike, have also participated in this round, the company said, without disclosing the investment amount of each company.

Last October, Tencent also made an investment in Mobike in an earlier round of financing.

“Our investment in Mobike demonstrates our commitment to supporting the development of the sharing economy and smart cities in China,” Tencent’s chairman and chief executive Pony Ma Huateng said in the statement.

Mobike, founded in Shanghai at the end of 2015, launched its first smart bicycle in the city in April 2016 and has expanded to nine cities across China.

The black-and-orange bicycles have emerged as an alternative for last-mile trips and short rides in big cities like Beijing, Guangzhou and Shenzhen where commuters are facing traffic congestions and pollution.

Wang Xiaofeng, Mobike’s founder and former Shanghai general manager at ride-hailing firm Uber, said the company plans to expand to more cities in China and around the world.

“Mobike has the most sophisticated smart bike-sharing technology globally, and we look forward to bringing bikes to more cities around the world in the months ahead as we ramp up our expansion,” he said.

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