Existing investor Tencent led the round, which took the rapidly expanding bike sharing service's total funding to more than $1bn in 18 months.

Internet group Tencent led a $600m round for China-based bicycle rental platform Mobike today that included financial services firms Bocom International and ICBC International.

Venture capital firm Sequoia Capital, private equity group TPG, hedge fund manager Hillhouse Capital and asset management firm Farallon Capital also contributed to the round.

Mobike operates an app-based bike rental service that was initially launched in Shanghai in April 2016, but which has expanded rapidly since. The company has launched in 100 cities so far…