Chinese bike-share start-up Mobike raises $215 million in fresh funding

Chinese bike-sharing start-up Mobike has closed a $215 million series D funding round led by Tencent Holdings and Warburg Pincus LLC. Mobike, founded in 2015, is one of several bike-sharing services in China and allows users to find, unlock and pay to rent the company's bicycles through a smartphone app. New investors include Chinese travel company International, private equity firm TPG Capital and Huazhou Hotels Group, Mobike said in a statement on Wednesday. Bike-sharing apps have flourished in the past year, even as investment in other Chinese sharing economy start-ups has cooled.

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