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source from：financial times
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China’s bike-sharing start-up Mobike raises 600m dollars
3 HOURS AGO by: Alice Woodhouse
Chinese bike-sharing company Mobike has raised more than 600m dollars in a funding round led by internet giant Tencent to fuel its global expansion.
Sequoia, TPG and Hillhouse Capital also joined the latest funding round, according to a statement from Mobike. The company said it plans to be in 200 cities by the end of the year, up from the current 100, and will invest in new technology.
Launched just over a year ago, Mobike now has more than 5m bikes and claims to provide 25 million rides a day at peak times. Users can unlock and rent the fleet of orange-wheeled bikes through a smartphone app.
The bikes provide “last mile” transport, such as from the subway station to their office, but the concept has caused headaches for Chinese city officials as streets have filled with poorly parked bicycles as more and more bike-sharing companies have entered the market.
Mobike competitor ofo is backed by Chinese ride-hailing giant Didi Chuxing.
Mobike this week said it will roll out in Manchester in June following on from the company’s expansion to Singapore in March. It plans to launch in more European cities in coming months.
Tencent was down 0.1 per cent on Friday following a fall by tech stocks on Wall Street overnight. The Chinese tech conglomerate is also said to be pursuing the acquisition of Angry Birds maker Rovio.
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