(Yicai Global) Dec. 27 -- China's shared bike brand Hellobike closed its Series-D2 financing of CNY1 billion (USD152.5 million) today, led by Shanghai-based large investment conglomerate Fosun Group, followed by US venture capital firm and initial investor GGV Capital, and others.
The group opted to invest in Hellobike because it is optimistic about the company's ability to enhance its operating efficiency through technology and Chinese urban users' growing future demand for shared bikes. The investment will also bring about synergies with the group's Big Data, finance, tourism, real estate and other businesses.
Hellobike merged with shared bicycle operator Jiangsu Youon Low Carbon Technology Co., an affiliate of bicycle rental enterprise Changzhou Youon Public Bicycle System Co. [SHA:603776], and struck a cooperative deal with Ant Financial Services Group under e-commerce colossus Alibaba Group Holding Ltd. [NYSE:BABA].
Hellobike secured USD350 million in Series-D1 financing on Dec. 4, with investors including Ant Financial, Chinese new energy automaker WM Motor Technology Co., multiple investment institutions and industrial capital. The company had expanded to more than 150 cities, had 88 million registered users and over 10 million daily orders as of Dec. 22.