The Cronus Bike-backed bicycle sharing service has raised series B funding to expand its network of parking areas and upgrade its offering.

Xiaoming Bike, a China-based bicycle sharing service backed by bicycle maker Cronus Bike, has raised hundreds of millions of renminbi (RMB100m = $14.8m) in series B funding, China Money Network reported on Monday.

Venture capital firm NewMargin Capital led the round, having supplied an eight-figure renminbi amount to Xiaoming in November 2016, the month after it received RMB100m in series A capital from Cronus Bike, according to China Money Network.

Founded in 2016, Xiaoming operates a bike sharing service that…