Chinese smart bicycle maker raises $15m
700Bike, a Chinese smart bicycle manufacturer, has raised a Series A round of funding worth $15 million from Banyan Capital, China Growth Capital and IDG Capital Partners.
The start-up also has secured RMB300 million ($48 million) in loans from lenders, the company announced on its official Weibo microblog.
700Bike started out as a social networking platform in 2012 to promote cycling as an exercise pursuit. In November last year, Xiangdong Zhang, co-founder of Sungy Mobile, joined 700Bike as a co-founder and CEO. Sungy Mobile, a Chinese app developer backed by IDG, JAFCO, WI Harper and China Broadband Capital, raised $78.54 million in an US IPO in November 2013.
The start-up then shifted to become a smart bike maker, producing internet-enabled city bikes with the functions of daily use, sports and fashion. The new capital will be used to support these efforts.
Last December, Chinese search engine giant Baidu launched its first smart bike. Known as DuBike, it has a suite of sensors and an app system that enable it to track cyclists' health data. The bicycle can also generate electricity by itself.
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