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Hong Kong’s first bike-sharing app raises US$9 million in venture capital round

Thursday, August 3, 2017

(SCMP by Zen Soo) - Hong Kong’s bike-sharing service said on Thursday that it has raised US$9 million in its first venture capital round of funding, as the startup looks to finance its expansion in the city and overseas.

The Series A funding round was led by venture capital firm Grishin Robotics, with participation by the Alibaba Hong Kong Entrepreneurs Fund (AEF), a non-profit initiative by the world’s largest online shopping platform operator to nurture the city’s startups. Alibaba is owner of the South China Morning Post. launched in April, making bicycles available for hire in Sha Tin, Tai Po, Ma On Shan, as well as Tuen Mun, Fanling, Tseung Kwan O and Tung Chung. The company plans to expand to more areas in the New Territories, Lantau Island and Kowloon, with thousands of bicycles available for use by the end of August.


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