Beijing-based ofo has closed a $700 million round led by Alibaba, Hony Capital and CITIC Private Equity and is considering taking on an investment from Japanese telecom giant SoftBank, per The Information, continuing what has been a fruitful year for Chinese bike-sharing startups. Since the beginning of 2017, Mobike and ofo have raised a combined $2 billion in venture funding, each generating unicorn valuations.
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Mobike and ofo, founded in 2015 and 2014, respectively, both offer mobile apps that can locate bikes via GPS for users to pick up and drop off at any of several public parking areas. Mobike has raised a total of roughly $1 billion in equity funding, while ofo has pulled in almost $1.4 billion.
While the young startups' multimillion-dollar fundings have left many scratching their heads, big name investors like Didi Chuxing, Tencent, Sequoia and Matrix Partners continue to flock to funding rounds.
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Article by PitchBook
