Mobike raises $600m in funding led by Tencent

Chinese bike-sharing company Mobike has raised more than $600m in a funding round led by internet giant Tencent to fuel its global expansion. Sequoia, TPG and Hillhouse Capital also joined the latest funding round, according to a statement from Mobike. The company said it plans to be in 200 cities by the end of the year, up from the current 100, and will invest in new technology. Launched just over a year ago, Mobike now has more than 5m bikes and claims to provide 25 million rides a day at peak times. Users can unlock and rent the fleet of orange-wheeled bikes through a smartphone app. According to the Financial Times, the bikes provide “last mile” transport, such as from the subway station to their office, but the concept has caused headaches for Chinese city officials as streets have filled with poorly parked bicycles as more and more bike-sharing companies have entered the market.