Ofo Raises USD450 Million, Sets Bike-Sharing Industry Single Round Funding Record
Yicai Global
/SOURCE : Yicai
Ofo Raises USD450 Million, Sets Bike-Sharing Industry Single Round Funding Record

(Yicai Global) March 2 -- Chinese bike-sharing service Ofo Bicycle Co., which was launched by Peking University graduates, raised CNY3.1 billion (USD450 million) in its most recent financing round, breaking the industry's record for funds raised in a single round, the company said yesterday.

The previous record of USD200 million was set by Mobike Technology Co.

Ofo's funding round was led by Digital Sky Technology, the Beijing-based firm said in a news release. Other investors include Didi Chuxing, CITIC Private Equity Funds Management Co., Matrix Partners China and Macrolink Group. Ofo did not reveal transfer of share information or its valuation.

Macrolink Group issued a news release on its WeChat. It said more than USD300 million was raised, instead of USD450 million. Macrolink said that it invested USD25 million, giving it a 2.15 percent stake. If accurate, this would mean ofo is a unicorn, with a total value of USD1.163 billion, but Macrolink withdrew the article and replaced it with ofo's new release.

Ofo responded to questions about the financing round and said it included stock equity and debt financing worth a total of USD450 million.

Ofo began as a student start-up at Peking University in 2014. It initially focused on providing services on campus only. The company secured USD130 million in round-three funding in October.

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