China's Tencent Leads $600 Million Investment in Bike Share Startup Mobike
Chinese bike-sharing startup Mobike has raised US$600 million in a financing round led by existing investor Tencent Holdings Ltd. and joined by Sequoia, TPG, and Hillhouse Capital, reports U.S. News and World Report (June 15, Cadell). Mobike is currently active in more than 100 cities around the world globally and supports nearly 25 million rides daily. "It will use the funds to support its global expansion," the publication states.
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