Mobike today announced that it had completed over US$600 million Series E financing round, the largest ever in the bike-rental industry.
This landmark financing round was led by existing investor Tencent and joined by TPG, Sequoia China and Hillhouse Capital, etc. New strategic and financial investment firms included heavyweight investors like ICBC International, BOCOM International and Farallon Capital.
With over 5 million smart shared bikes launched in over 100 cities abroad and at home, Mobike claimed that its registered users had reached over 100 million, while its daily order volume had peaked at 25 million. Indeed, Mobike had demonstrated its strong financing capacity and completed five financing rounds within less than two years, raising over $1 billion in total.
Davis Wang, CEO and co-founder of Mobike, said that the latest financing round would step up Mobike’s pace of overseas expansion. In fact, Mobike planned to enter over 200 cities abroad and at home in total by the end of this year; besides, Wang claimed that they would team up with global leading IoT partners and advance the application of mobile IoT technologies; in addition, they would speed up the pace to implement strategic layout and bring about innovation in the field of AI and intelligent hardware.
Tencent, the lead investor in this latest round, has become the company’s largest investor, following its participation in the Series C and D financing round. In this process, Tencent has actually formed a strong business partnership with Mobike. For example, Mobike’s bike-rental feature has already been added to WeChat Wallet and WeChat “Mini Program”. Jack Ma, founder and CEO of Tencent, claimed that it would continue to open access to its core resources for Mobike, drive its development, innovation and business expansion.
List of Mobike’s past financing rounds:
Series A Financing Round: October 30th 2015
(A couple million US dollars; led by Joy Capital)
Series B Financing Round: August 19th 2016
(Several million US dollars; led by Panda VC Fund and joined by Joy Capital)
Series B+ Financing Round: August 30th 2016
(Several million US dollars; led by Vertex Ventures and joined by Innovation Works)
Series C Financing Round: September 30th 2016
(Over 100 million US dollars; invested by Hillhouse Capital and Sequoia China)
Series C+ Financing Round: October 13th 2016
(55 million US dollars; invested by Hillhouse Capital, Warbug Pincus, Tencent, Sequoia China, Qiming Venture Partners and Bertelsmann Asia Investments)
Series D Financing Round: January 4th 2017
(Over 200 million US dollars; invested by Tencent, Warbug Pincus, Ctrip, Huazhu Hotel Group, TPG Capital, Sequoia China, Qiming Venture Partners, Joy Capital, Bertelsmann Asia Investments, Panda VC Fund, Vertex Ventures, Innovation Works, FOXCONN and Yungpark Capital)
Strategic investment from FOXCONN: January 23th 2017
Series D+ Financing Round: February 20th 2017
(Over 100 million US dollars; invested by TEMASEK and Hillhouse Capital)
Series E Financing Round: June 16th 2017
(Over 600 million US dollars; led by Tencent, joined by TPG, Sequoia China, and Hillhouse Capital. New heavyweight investors included ICBC International, BOCOM International and Farallon Capital)
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Translated by Levin Feng (Senior Translator at PAGE TO PAGE), working for TMTpost.
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