Youon Bike has secured a Series A funding round from Ant Financial, the financial services affiliate of Alibaba Group Holding Ltd., which partnered with Chinese venture firms IDG Capital and Shenzhen Capital Group Co., Ltd. Financial details of the investment are undisclosed.
Youon Bike is a Jiangsu province-based bike sharing company founded in 2010 that claims it has deployed in excess of 800,000 bikes across 210 Chinese cities and has a user base of over 16 million individuals.
