Hellobike Seeks at Least $500 Million in Funding Round
- Bike sharing startup may try to raise as much as $1 billion
- Hellobike is competing with Ofo, Mobike in bike sharing
HelloBike bicycles stand parked on a sidewalk in Shanghai.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Hellobike, a bicycle-sharing startup backed by Ant Financial, plans to raise at least $500 million in funding as it fights for customers in a brutal Chinese market, people familiar with the matter said.
The startup could seek as much as $1 billion as it gauges interest from both existing investors and new backers, the people said, requesting not to be named because the matter is private. While the Shanghai-based company’s valuation wasn’t clear, in June it said it was worth $2.3 billion.