Singapore-based bike sharing firm oBike has raised $45 million (S$61.55 million) in a Series B round led by Grishin Robotics to expand its dockless bike operations internationally. Other participants were an unnamed leading global transportation platform and several family offices based in Southeast Asia.
Grishin Robotics is a $100 million venture fund specialising in smart hardware, robotics and the Internet of Things (IoT). It was founded by Russian entrepreneur Dmitry Grishin.
The investment into oBike gels with its investment thesis, which forecasts that the IoT market will grow to a capitalisation of $1 trillion by 2020, fuelled by cheaper components, digital manufacturing, 3D printing and crowdfunding.
Grishin Robotics has also invested in Hong Kong-based Gobee, a ride-sharing service which also enjoys backing from the Alibaba Hong Kong Entrepreneur Fund. Earlier this year, it also led an $8 million Series A investment in US bike-sharing service Spin.
oBike launched operations in Singapore in January and has since expanded to Australia, Germany, Malaysia, Netherlands, Taiwan, Thailand and the United Kingdom.
oBike’s bicycles can be unlocked by scanning a QR code via mobile apps that also makes use of global positioning system (GPS) technology to monitor and track bicycle locations in real time.
“We hope to empower commuters globally with flexibility, convenience while helping them reduce their carbon footprint at the same time,” Edward Chen, chief marketing officer and co-founder of Obike, said in an official statement.
The company competes with China-headquartered bike sharing services Mobike and ofo, positioning themselves as first and last-mile transport solutions.
All three bike-sharing firms have been raising capital to expand their international footprint; Mobike raised $600 million in June from investors such as Tencent and Sequoia Capital China to expand into markets such as Japan, while ofo raised $700 million to fund its global expansion.