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
NewsletterCourses and LearningAdvertiseCurrent IssueFast Government
The future of innovation and technology in government for the greater good
Most Innovative Companies
Fast Company's annual ranking of businesses that are making an outsize impact
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