Just over three months after Mobike raised an estimated $100 million, the Chinese bike-sharing startup has scored another nine-figure funding. Existing backers Tencent and Warburg Pincus led the $215 million round, which comes from a mix of VC, PE, and corporate investors, including Sequoia China, TPG, Huazhu Hotels and Ctrip.com International. Mobike owns a growing fleet of bikes across several Chinese cities, which the company shares via an on-demand mobile app.
Bike-sharing platforms are growing in popularity around the world. In the US, the influx of companies includes the likes of Citi Bike and Zagster, but none have raised anywhere close to the amount of VC seen by their counterparts in China, where bikes have long been a favored form of transportation. Mobike’s main Chinese rival, ofo, has also raised substantial funding, including a $100 million round in September at a reported valuation of $500 million. Mobike’s latest raise brings its total funding to about $325 million, compared to roughly $240 million for ofo.