Oct 14, 2016 04:53 PM

Venture Capitalists Race for Stakes in Bike-Sharing Startups

Photo: Visual China
Photo: Visual China

(Beijing) — China's nascent bike-sharing industry has attracted the attention of big-name venture capital investors such as Warburg Pincus and Sequoia Capital, with four startups attracting well over $200 million in recent weeks.

Wang Xiaofeng, founder and CEO of Mobike, told Caixin on Thursday that his firm had secured investments from Tencent Holdings Ltd. and U.S. private equity firms Warburg Pincus and Sequoia Capital. Bloomberg News had earlier reported that Mobike had raised $100 million in its third round of funding that ended Sept. 30. Asian-focused Hillhouse Capital Group was the largest investor in the latest round, two investors with knowledge of the matter said

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