Hellobike raises $350m in latest funding round

Source:Reuters Published: 2017/12/4 21:33:40

Shanghai-based bicycle-sharing company Hellobike said on Monday it raised $350 million in its latest funding round from investors including Alibaba Group Holding's Ant Financial, despite recent signs of strain in the nascent industry.

The sector faces a shake-out with the third-largest company Bluegogo announcing last month that it would cease operations.

The latest funding round is the fourth for the 1-year-old Hellobike, which merged with Youon Ditan, an affiliate of Changzhou Youon Public Bicycle System Co, in October in the industry's first merger.

A Hellobike spokesman declined to comment on the company's current valuation.

Other investors in the latest funding round included Chinese carmaker WM Motor Technology Co and venture capital firm Chengwei Capital.

The firm has focused on third- and fourth-tier Chinese cities and said it has 80 million users.

"The success of this funding round is due to the market's recognition of Hellobike's business development potential amid a shake-up in China's bike-sharing industry," Hellobike said in a statement.

China's bike-sharing sector has been driven by huge investments, especially into the two market leaders, ofo and Mobike, which have raised billions of dollars from technology giants including Alibaba and Tencent Holdings.

The pair have deployed millions of bicycles around China and pushed overseas into markets such as the US and Europe.



Posted in: INDUSTRIES

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