Chinese bike-sharing startup Mobike raised an additional $215 million in a new funding round, bringing its total funding this year to more than $300 million, Reuters reported.
The funding was led by Singapore’s state investor Temasek Holdings and hedge fund Hillhouse Capital, with other investors including Tencent Holdings, Warburg Pincus and Chinese travel firm Ctrip.com International.
Mobike, a Beijing-headquartered startup, received an undisclosed strategic investment from Foxconn last month, which will allow it to double its production capacity to 10 million bikes this year, Reuters said
Mobike, which launch last April, provides an app enabling an estimated 10 million users in 21 Chinese cities to find and hire a push bike. The firm set up an office in Singapore recently and is looking to expand into other countries in the region.
Last month, Mobike, in collaboration with China Mobile Shanghai and Ericsson, trialled low-power Internet of Things (IoT) technology on a live network enabling push-bikes to be more accurately located and coverage to be expanded to areas where traditional networks generally can’t reach, such as underground parking lots.