Mobike today announced that it has raised over US$600 million in Series E, the largest ever financing round in the bike-rental industry.

This landmark round, putting the company at a valuation of between US$2 billion and US$3 billion (in Chinese), was led by existing investor Tencent and joined by Sequoia China, TPG, and Hillhouse Capital, among others. New investors in this round included leading banks BOCOM International, ICBC International, and global institutional asset management firm Farallon Capital.

Davis Wang, CEO and Co-founder of Mobike, said Mobike has three clear targets for the coming months: First, they will accelerate the pace of global expansion with a new target to be in 200 cities by the end of this year; second, they will increase investment in R&D of their IoT network and new technologies; and, third, they will invest in building a superior technology infrastructure to support their innovations in the field of AI and intelligent hardware.

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Sheila Yu

Sheila Yu is a Shanghai-based technology writer. She brings readers the biggest news from Chinese language tech media. Reach her at sheila@technode.com.