VCs in bike-sharing funding race

China’s nascent bike-sharing industry has attracted the attention of big-name venture capital investors with four startups attracting well over $200 million in recent weeks. Wang Xiaofeng, founder and CEO of Mobike, told Caixin on Thursday that his firm had secured investments from Tencent Holdings and US private equity firms Warburg Pincus and Sequoia Capital. Bloomberg News had earlier reported that Mobike had raised $100 million in its third round of funding. Asian-focused Hillhouse Capital Group was the largest investor in the latest round, two investors with knowledge of the matter said On October 10, Mobike’s major rival, Ofo, said it had raised $130 million in its latest funding round led by American technology hedge fund Coatue, Chinese smartphone maker Xiaomi, and Citic Private Equity Funds.