This Chinese bike-sharing startup has just raised $600m from Tencent

Emma Haslett
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Mobike launched its first scheme outside of Asia in Manchester this week (Source: Mobike)

Here's more proof bike-sharing is the next big thing: one of the sector's biggest players, Mobike, has just unveiled a $600m (£470m) investment from, among others, Chinese tech giant Tencent.

Reuters reported today that Sequia Capital, TPG and Hillhouse Capital were part of the funding round, which will help to fund investment into Internet of Things and artificial intelligence technology.

Mobike has 100m users, who take 25m rides a day around the 100 cities it operates in. Users use QR codes to unlock its distinctive red-wheeled bicycles, then pay as they go.

Earlier this week the company announced plans to launch a bike-sharing scheme in Manchester and Salford, its first cities outside Asia.

“If successful, it could play an important part of our long-term plans for cycling in the region and for making travel easier and more sustainable," said Greater Manchester mayor Andy Burnham.

Steve Pyer, general manager of its UK arm, added Mobike was in talks with a "number of other cities" around Europe to launch similar schemes.

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