Singapore: oBike raises $45m Series B round led by Grishin Robotics

A man looks for a shared bike to ride outside an office building, in Beijing, China April 12, 2017. REUTERS/Jason Lee

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.

Also Read:

China’s ofo partners SoftBank to launch bike sharing services in Japan

HK: Bike sharing platform Gobee raises $9m from Grishin Robotics, Alibaba

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

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.