HK’s Bike-Sharing Startup Raised US$9M

HK’s Bike-Sharing Startup Raised US$9M
Comments Off, 04/08/2017, by , in Local Startup News

Hong Kong’s first bike-sharing platform raises US$9M in Series A round from Grishin Robotics and Alibaba Entrepreneurs Fund.

Hong Kong’s first and largest bike-sharing platform recently closed its Series A Financing round having secured US$9 million in capital to accelerate its expansion. The latest round was led by the global venture capital firm Grishin Robotics with participation from Alibaba Hong Kong Entrepreneurs Fund. 

“We are impressed by the success of in Hong Kong and are very excited to partner with the world-class team that already demonstrates strong execution”, says Dmitry Grishin, Founder at Grishin Robotics, Co-founder at Mail.Ru Group.

“Dock-less bike sharing is just the latest example of innovation coming from China, that is getting global attention,” says Cindy Chow, Executive Director of Alibaba Hong Kong Entrepreneurs Fund. “We believe bike-sharing has a great future in Hong Kong and across the globe. Headquartered in Hong Kong, has the ability to rapidly expand its innovative bike-sharing technology to other markets in the world. And with its manufacturing base nearby in Shenzhen the Company can continuously and quickly improve the bike features. We were also impressed with’s international team, including their research and development employees, who are mostly from Hong Kong.” 

Having gained a large customer base in just three months, has quickly proven to be a big hit in Hong Kong. Since the station-less bike-sharing platform launched in April this year in Sha Tin, Tai Po, and Ma On Shan, its signature green bikes have grown significantly in more areas across the city including Tuen Mun, Fanling, Tseung Kwan O, and Tung Chung. To meet the increasing demand from customers looking for environmentally-friendly alternatives to short commutes and last mile transport, plans to place many more bikes in the New Territories, Lantau Island, and Kowloon by the end of August. 

“Bike-sharing offers many benefits such as improved air quality and a healthier quality of life which are in line with the government’s initiatives to make Hong Kong a greener city,” says CEO & Co-Founder Raphael Cohen. “With’s green technology, we hope to contribute to the local economy and raise Hong Kong’s image as a green city on an international level.”

To rent a, users can download the smartphone application – which has a GPS-supported map that shows the real-time locations of the bikes as well as a QR code scanner that conveniently lets users unlock and rent bikes with a few taps, and start riding.

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