China bike-sharing start-up Ubike raises $22m
Ubike, a Chinese bike-sharing start-up, has raised a RMB150 million ($22 million) Series A round of funding led by Yicun Capital, a corporate PE arm of Shenzhen-listed chemical fiber manufacturer Jiangsu Huaxicun.
China's R&F Properties-backed Black Hole Capital, Zhonglu Capital, an investment unit of Chinese bicycles maker Zhonglu, as well as several accelerators also participated in the round.
Bicycle-sharing start-ups are the latest investor craze in China's technology-enabled transportation space. Ofo and Mobike have closed funding rounds of more than $100 million in the last fortnight, backed by the likes of Warburg Pincus, Tencent, Hillhouse Capital, and ride-hailing platform Didi Chuxing, operating in conjunction with its own investors.
Shanghai-based Ubike claims its bikes are easier to ride and maintain than those of its competitors, as a result of a partnership with Zhonglu. The manufacturing cost for each bike is about RMB1,000 ($150), which is also cheaper than the others, Ubike founder Yi Yu told local media. The company has also taken ownership of some bikes from local government-run sharing programs.
The firm received around RMB10 million in seed funding from Zhonglu Capital and several domestic accelerators in September. Proceeds from the most recent round will go towards bicycle manufacturing. The company plans to officially its service in mid-November with approximately 100,000 bikes placed in Shanghai.
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