The massive haul is the largest investment in a single funding round for a bike-sharing startup, reports CNBC. The funding round was led by Chinese internet giant Alibaba. Ofo says it currently has 200 million users around the world and operates in 250 cities in 21 countries. It will use its latest round of funding to further development in an increasingly competitive market. Ofo’s biggest competitor is Mobike, China’s largest bike-sharing company, which has been rapidly expanding overseas.
collections
NewslettersInnovation FestivalCurrent IssueRecommender
The apps, books, movies, music, TV shows, and art are inspiring our some of the most creative people in business this month
Strong Female Lead
The struggles and triumphs of prominent women in leadership positions
Productivity
Productivity tips and hacks
Platform Wars
The major tech ecosystems that battle for our attention and dollars
Tech Forecast
What’s next for hardware, software, and services
Most Innovative Companies
Our annual guide to the businesses that matter the most
Most Creative People
Leaders who are shaping the future of business in creative ways
World Changing Ideas
New workplaces, new food sources, new medicine--even an entirely new economic system
Innovation By Design
Celebrating the best ideas in business
FastCo.Works Studio
An award-winning team of journalists, designers, and videographers who tell brand stories through Fast Company's distinctive lens