China’s nascent bike-sharing industry has attracted more than 100 million users just a year after its debut in the country’s tech scene, as startups backed by Tencent and Alibaba touted free rides and carpeted urban sidewalks with millions of bikes.
China’s bike-sharing startup XiaoMing Bike announced that it has received hundreds of millions of yuan in its series B round funding. The company plans to accelerate its strategy of electronic parking lane nationwide to improve user experience.
China's bike-sharing platform Ofo announced that it has received more than USD 700 million in its series E round funding. The round had Alibaba, Hony Capital and CITIC as the lead investors and also involved Didi Chuxing and DST.
Upside, a business travel startup founded by Priceline.com founder Jay Walker, is raising USD 100 million in new funding. Upside raised USD 50 million in prior rounds this year. Travelers get gift cards when they buy travel packages from Upside, and companies save money on their travel spend.