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Chinese bike sharing startup Mobike raises $600M (£469M) led by Tencent

Chinese bike sharing startup Mobike raises $600M (£469M) led by Tencent

Chinese bike-sharing startup Mobike has said it has raised $600 million (£469 million) in a financing round led by Tencent Holdings, its biggest financing round to date as it seeks to expand aggressively.

With the latest injection the firm, which has operations in around 100 Chinese cities, has raised over $900 million (£704 million) since October. It has also expanded to Singapore, and recently launched a pilot service for 1,000 bikes in the UK, starting in the cities of Manchester and Salford.

“We will accelerate the pace of global expansion, and our new target is to be in 200 cities by the end of this year,” said Mobike CEO Davis Wang.

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