Chinese Shared Biking Company Ofo Raises $700 Million

Ofo announced it has raised $700 million in Series E financing. Seven investors participated in the round: Alibaba Group, Hony Capital, CITIC Group Corp., Didi Kuaidi, DST Global, Sequoia Capital, and Warburg Pincus.

Founded in 2014, Ofo is a Beijing-based company that offers bicycle sharing services. The company makes use of a “non-docking” platform that aims to revolutionize bike sharing and help solve urban traffic. Users who have the Ofo app are able to receive a passcode that corresponds to the lock of a specific nearby bike.

In its announcement, the company said it plans to deploy 20 million bikes and expand its service to 200 cities in 20 countries by the end of 2017.