China’s Mobike raises $600M to expand its bikes on-demand service worldwide –
Summary
With companies deploying thousands, and offering incentives to leave them in certain areas, the idea is that there should be enough supply in all parts of the city to enable rides at any place and at any time. Most of those are in China, but it has expanded to Singapore and it just announced plans to launch in Manchester, UK, its first city in Europe, by the end of this month. “We will accelerate the pace of global expansion and our new target is to be in 200 cities by the end of this year,” Davis Wang, CEO and Co-founder of Mobike, said in a statement. Beijing-based Ofo is backed by Didi Chuxing, China’s top ride-hailing service, DST Global, Matrix China, and Alibaba among other investors. Ofo’s business surpassed the $1 billion valuation mark earlier this year when it announced its $450 million Series D round in February.