China’s bike sharing battle intensifies; Hellobike joins the fray with GGV Capital-backing

Visual from company website.

China’s bike-sharing revolution is definitely thriving, and the capital hungry industry is seeing new players join the fray, even as existing ones are riding the boom, backed up mega funding rounds. This also comes at a time when investment in other sharing economy startups in that country has cooled.

The latest new-comer to join the mass transit alternative is Hellobike, that just raised a Series A funding, that was led by venture firm GGV Capital.

This is the third venture funding deal in the bike-sharing space in two weeks, the China Money Network reported. Grains Valley Venture Capital, a RMB fund focused on the Internet, life science and artificial intelligence, also participated in the Hellobike transaction.

Hellobike plans to use the latest proceeds upgrade its products and expand its team as well as its coverage into 10 cities in the next two months.

Also Read: China: Ubike joins bike-sharing biz bandwagon, raises $22m

Founded last September 2016 in Suzhou, Hellobike now also covers two additional cities, Ningbo and Xiamen. Its bikes are enabled with smart locks and GPS functions that allows users to locate the nearest available bike.

Two months ago, the startup raised an undisclosed sum of capital in a series A round from GGV Capital.

Fellow bike-sharing startup Mobike, recently completed a record $215 million in a Series D from Chinese Internet giant Tencent Holdings Ltd, Sequoia Capital China, Hillhouse Capital, and other investors.

Another similar startup Qibei Tech had raised $14 million in series A round from Florin Investment Group, and Hunyuan Investment this January.

Also Read: Singapore: Chinese bike-sharing startup Mobike launches first overseas branch in Singapore

In November 2016, Shanghai-based Ubike raised $22 million in a Series A round led by a unit of Shenzhen-listed chemicals and trading firm Jiangsu Huaxicun Co Ltd, backed by Black Hole Capital, Yicun Capital, existing investor Zhonglu Capital, among others.

A month before that, local bicycle-sharing platform ofo raised $130 million in a Series C round led by car-sharing service provider Didi Chuxing.

Other main investors include CITIC Private Equity Funds Management, Coatue, Xiaomi Inc, Vision Capital, Yuri Milner, and past investors Matrix Partners China, and GSR Ventures, among others.

Also Read:

China: Bike-sharing app ofo raises $130m in Series C round

China: Panda Capital invests $10m in bike rental app Mobike

US mobile shopping platform Operator gets $15m in GGV Capital-led round for China push

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.