The $180 billion Singapore state investor Temasek Holdings has participated in the latest funding round of Chinese bike-sharing company Mobike, as the company ramps up its international expansion.
Beijing-based private equity firm Hillhouse Capital, already an existing investor in Mobike, also made a further investment in the company, according to a company statement.
Financial details of the transaction were not disclosed but Temasek joins global private equity firm Warburg Pincus and Chinese internet giant Tencent Holdings as investors in the company. Warburg and Tencent led a $215 million series D round in Mobike in January.
Existing investors in the start-up also include TPG, Sequoia China and investment bank China Renaissance. Chinese online travel company Ctrip, Shanghai-headquartered Huazhu Hotels Group and Taiwanese chipmaker Foxconn have also backed Mobike.
Temasek’s investment in the company is line with its announcement last year to increase its venture capital investments. To better access opportunities in North America’s tech venture scene, the firm also opened an office in San Francisco last week, its second in the US.
Mobike launched its first smart bike – equipped with GPS and smart-lock technology, enabling users to rent a bike using their smartphones – in Shanghai in April 2016. The start-up said it has served more than 10 million unique users in China and is aiming to increase its services into more Chinese cities as well as internationally.
“In 2017, we will continue to invest in enhancing our technology, increasing our production capacity, recruiting top talent to our team, and in promoting Mobike’s innovative model internationally,” Mobike co-founder and CEO Davis Wang said in a statement.
The company will, however, compete with two existing bike-sharing apps in the Singapore market – Ofo, which is backed by Chinese ride-sharing giant Didi and Obike, a Singapore-based start-up. Mobike, Ofo and Obike have all moved into the Singapore market ahead of the Land Transport Authority’s national bike-share scheme which is expected to launch in the fourth quarter of 2017.
Photo from Mobike