E-Bike Startup Qeebike Raises USD10 Million in A+ Round, Led by Kymco Capital

E-Bike Startup Qeebike Raises USD10 Million in A+ Round, Led by Kymco Capital

Tang Shihua & Liu Jing

Date: Thu, 08/02/2018 - 11:07 / source:Yicai
E-Bike Startup Qeebike Raises USD10 Million in A+ Round, Led by Kymco Capital
E-Bike Startup Qeebike Raises USD10 Million in A+ Round, Led by Kymco Capital

(Yicai Global) Aug. 2 -- Shared electric bike startup Qeebike Technology has raised USD10 million in its A+ round of financing, while closing its ears from the swan songs of rivals with the sweet sound of money dropping into its coffers.

The latest round was led by Chinese Kymco Capital, and followed by US venture fund IDG Capital, Chinese Legend Capital, and Shenzhen-based battery-maker Sunwoda Electronic, online news outlet Phoenix Metropolis Media reported. One of the destinations for the money will be planting more recharging stations, as the company plans to add more than 1,000 such cabinets in its home city of Hangzhou in the next six months.

China's competitive shared two-wheeler scene is showing some signs of wear, as many startups have exited the market, leaving their clients to wonder where the deposits went. Last week, one of the two biggest players, Ofo, refuted a claim that investor Didi Chuxing's buyout is nearing despite the bike-sharer's mounting debt.

Qeebike has put tens of thousands of electric bikes into the streets of Chinese cities and reached a higher ratio of active users than its rivals, the firm, which was founded in October 2016, said. Each bike gets about 6 rides per day, and the price for an hour of riding is CNY3 (USD0.44). Qeebike operates its own mobile application but clients can also use bikes through third-party payment platforms such as Alibaba's Alipay and Tencent's WeChat Wallet.

Editor: Emmi Laine

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Keywords: Shared Electric Bicycle, Government Restrictions, Hangzhou, Shanghai, Beijing, KYMCO Capital, Venture Capital