Look out, Mofo: new bike-share contender nabs $500m

Photo credit: Andrew Gook / Unsplash

Look out, Mobike and Ofo (or “Mofo,” as I like to call China’s top two bike-share apps). A new contender has just emerged, thanks to US$500 million in funding.

The huge injection into Hello Bike shows investors are not spooked by the collapse of three smaller dockless bike services in the past few months.

Hello Bike today announced US$153 million on top of the US$350 million it revealed December 12, making for a blockbuster half-billion bucks combined series D fundraising. Its aim is to stop being the third wheel in China’s growing bike-share market and thereby challenge the mighty Mofo.

While Mobike is known for its orange steeds and Ofo for its yellow, HelloBike sticks to its fresh white-and-blue colorway:

Photo credit: Hello Bike

With 10 million daily rides across 150 Chinese cities, Hello Bike has a lot of catching up to do, reported New Seed today. Ofo has 5.1 million app users each day versus Mobike’s 4.9 million – but Hello Bike is way behind with just 750,000, according to a research group’s data.

Unlike Mobike and Ofo, Hello Bike has yet to expand beyond its home nation.

Converted from Chinese yuan. Rate: US$1 = 6.55 RMB.

See more:

• Line funds Mobike to put bike-sharing in messaging app
• I used a bike-share app all day and my conclusion is people are assholes
• 12 tech stories that rocked China this year

This post Look out, Mofo: new bike-share contender nabs $500m appeared first on Tech in Asia.

from Tech in Asia https://www.techinasia.com/china-hellobike-huge-funding
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