China’s Tencent leads $600 million investment in bike share startup Mobike

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China's Tencent leads $600 million investment in bike share startup Mobike

BEIJING Chinese bike-sharing startup Mobike said on Friday it has raised $600 million in a financing round led by existing investor Tencent Holdings Ltd and joined by Sequoia, TPG and Hillhouse Capital.

Mobike is active in over 100 cities globally and supports roughly 25 million rides a day.

It will use the funds to support its global expansion, the firm said in a statement.

(Reporting by Cate Cadell)

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