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Smart riding brand SpeedX raises RMB 150 million

11/18/2016| 3:58:44 PM| ChinaTravelNews 中文

Beijing-based smart cycling brand SpeedX announced its entry into bike-sharing sector, and an independent brand Bluegogo would be created to help the company expand the market. Meanwhile, SpeedX revealed it has raised RMB 150 million in its series B round.

Beijing-based smart bike-riding brand SpeedX announced its entry into the bicycle-sharing sector. Gang Li, CEO of SpeedX, said an independent brand Bluegogo would be created to help the company expand the market and a series of activities are being planned. Meanwhile, SpeedX revealed it has raised RMB 150 million in its series B round.

The company has its own factory, and has established strategic relationships with suppliers. Bluegogo plans to expand rapidly and enter a new city as a new market every two weeks, starting with Shenzhen.

SpeedX has been researching and making bicycle for more than 20 years. The company received more than USD 1 million of angel investment from Xiaoping Xu, founder of ZhenFund. It has also completed its series A round raising over RMB 80 million from investors including Sinovation Ventures.

SpeedX launched an App last year to build a bike-riding community. Later the same year, it launched a smart cartridge headset. In March this year, the company unveiled a bicycle it has manufactured completely, and the company is continuing in the niche market of cycling. (Translated by Claire)

TAGS: SpeedX | China | bike-sharing | investment
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