Mobike, one of the fastest growing on-demand bike rental service provider, has raised $600 million in its new funding round, led by Tencent Holdings Ltd. This marks the company’s biggest financing round to date as it plans to expand its business worldwide.
Along with Tencent, Sequoia, TPG and Hillhouse Capital have also participated in this latest funding round. New investors in this round include investment banks BOCOM International Holdings Co Ltd, ICBC International Holdings Ltd and asset management firm Farallon Capital.
With this latest funding coming to the startup, the total amount raised by the company since October now stands at around $900 million. Mobike CEO Davis Wang said:
We will accelerate the pace of global expansion, and our new target is to be in 200 cities by the end of this year.
The financing round will also be used to fund the company’s investments in Internet-of-Things (IoT) and artificial intelligence (AI) technology to support the brand.
It is currently present in 100 cities — the company’s target for this year. While most of those cities are in China, the company has expanded to Singapore and has recently launched a pilot service for 1,000 bikes in the UK, starting in the cities of Manchester and Salford.
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