Ubike, the third Chinese bike sharing startup to launch in the past year, has secured backing in a series A round led by Jiangsu Huaxicun subsidiary Yicun Capital.
China-based bicycle sharing startup Ubike has raised $22m in a series A round led by Yicun Capital, a subsidiary of textiles, trading and electricity group Jiangsu Huaxicun, China Money Network reported today.
The round included venture capital firm Black Hole Capital and investment firm Zhonglu Capital, the latter of which also contributed to a RMB10m round Ubike reportedly closed in September this year.
Ubike operates a bike sharing service similar to rivals Ofo and Mobike, but has formed a partnership…
