SINGAPORE (Feb 20): Mobike has received new strategic investment from state-owned investment holding firm Temasek, in addition to that of existing investor Hillhouse Capital, a China investment firm.
The China based bike-sharing company officially launched in Shanghai last year in April, and has expanded to 21 cities across China ever since.
In a release on Monday, Mobike says the direct equity investment is a first for Temasek, whose subsidiary, Vertex Ventures, led Mobike’s Series B+ round in 2016.
Although the latest investment sum by Temasek was not disclosed, Mobike says it has now raised a total of more than US$300 million ($425.6 million) since the start of 2017.
“While we recently concluded a hugely successful Series D fundraising round that made Mobike the best-capitalised company in our industry, we are delighted to be able to welcome Temasek as a strategic investor and to deepen our engagement with our long-term partner, Hillhouse Capital,” states Davis Wang, co-founder and CEO of Mobike.
“In 2017, we will continue to invest in enhancing our technology, increasing our production capacity, recruiting top talent to our team, and in promoting Mobike’s innovative model internationally,” adds Wang.Hillhouse Capital was among the lead investors in Mobike’s Series C+ round in late 2016.
Mobike last month announced its intention to launch in Singapore this year, following the close of its US$215 million Series D financing in Jan, which was led by Chinese Internet giant Tencent and American private equity firm Warburg Pincus.
(See also: China’s Mobike eyes Singapore launch after raising $309 mil in Tencent-led funding)
