Shanghai-based bike-sharing startup YouBai has raised RMB 150 million in its A-round funding. YiCun Capital was the lead investor and Black Hole Capital followed. The company plans to use the money for bike production.
YouBai’s Beijing-based competitors Mobike and Ofo each has secured over USD 100 million in their own funding rounds earlier this year. The company’s Shanghai-based peer XiaoMing Bike also received RMB 100 million in series A round last month.
Hellobike, another newcomer in the sector, also announced recently that it has closed its series A round with undisclosed sum. The round included California-based investor GGV Capital. (Translated by Jerry)
