Bike-sharing giant Mobike receives USD 600 million for Series E

Mobike

Founder: Hu Weiwei

Founded in: 2016

Financing status: RMB 4.09 billion (USD 600 million) Series E round in 2017

Bike-sharing giant Mobike on Friday received USD 600 M for its Series E financing round led by Tencent for its global expansion plans.

Mobike is a bike-sharing startup that provides bike rental services all over the world. In the first six months of this year, Mobike expanded its bike rental business to 100 cities – which was its target by year end of 2017. In recent months, the company formed collaborations with several companies mainly from recycling and energy industries for further development. These new partners including Foxconn, Dow Chemical, Hanergy, China Recycling Development, and so on.

This Series E financing round was led by Tencent, with existing investors such as Sequoia Capital, TPG and Hillhouse Capital Group participating as well. New investors include BOCOM International, ICBC International, and Farallon Capital. Tencent also led in Mobike’s Series C and D financing rounds, and reached a strategic collaboration with Mobike to support its bike rental services in WeChat.

According to Davis Wang, CEO and cofounder of Mobike, the company plans to use the fund to accelerate its global expansion process, and aims to expand to 200 cities by the end of 2017. Meanwhile, the bike-sharing giant is investing more on the research and development of IoT network and new technologies, as well as introducing artificial intelligence technology to its services.

Xiaomi backed smart kids gadgets manufacturer Xiaoxun receives USD 10 million for Series A

Photo from Baidu Images.
Photo from Baidu Images.

Xiaoxun

Founder: Fan Haitao

Financing status: RMB 68 million (USD 10 million) Series A round in 2017

Xiaomi backed smart kids gadgets manufacturer Xiaoxun on Wednesday received USD 10 million for its Series A financing round to manufacture new smart gadgets for children.

Xiaoxun is a smart kids gadgets manufacturer backed by Xiaomi which mainly provides customers with smartwatches for children. These watches can be used by parents to take care of their children, and it is equipped with features to help children to be more physically active.

The body of the watch is made of silicone material to support features such as water resistance, anti-splash in the rain, and an 18mm inch wrist strap that can be changed freely. It is also equipped with GPS, WIFI, gravity sensor, and all these functions can be used by parents to locate their children easily and quickly. Parents can also monitor their children’s whereabouts, and they can set up safe zone alerts. If their children walk out of a safe zone, they will receive a notification on their smartphones. In addition, the watch features a pedometer to track the child’s steps which can help a child develop a healthy habit of being more physically active.

The watch is built with a 420 mah battery, which can be used for about a week with a single charge of three hours. The watch is also a combination of fitness, games, and fun. Xiaoxun also has plans on expanding its business and services to other areas such as child education and so on.

This Series A financing round was from Nokia Growth Partners and Morningside Group. Xiaoxun is set to release its latest smartwatch for children after this financing round. The capital will be used to invest on the research and development of new smart kids gadgets.

(Top photo from Baidu Images.)

SHARE
Kaikai Shi
Kaikai Shi majored in Biotechnology at Zhejiang University. He now runs the Tech Financing column for AllChinaTech. His interests are in new technology and reading. Kai believes that new technology will change the world we live in, and is trying to engage himself in this process.

NO COMMENTS

LEAVE A REPLY