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With
the latest injection the firm, which has operations in around
100 Chinese cities, has raised over $900 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.
The new financing round will also fund investment in
Internet-of-Things (IoT) and artificial intelligence technology
to support the brand, it said.
In addition to Tencent, Sequoia, TPG and Hillhouse Capital were
existing investors who provided financing in the latest round.
New investors include investment banks BOCOM International
Holdings Co Ltd, ICBC International Holdings Ltd and asset
management firm Farallon Capital.
A valuation for the company was not disclosed. Investment firm
China Renaissance was the exclusive financial advisor for the
deal.
Mobike has 100 million users and supports roughly 25 million
rides a day. Its top competitor, ofo, raised $450 million in May
from a range of investors including Chinese ride-sharing service
Didi Chuxing.
The firm's app lets users scan QR codes on Mobike-branded
bicycles, allowing them to unlock, use and pay for rentals
on-demand.
Launched in April 2016, it has increasingly integrated features
from Tencent's ecosystem, including a tie-up with Wechat,
China's most popular social messaging and payments platform with
over 900 million users.
(Reporting by Cate Cadell; Editing by Edwina Gibbs)
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