Chinese bicycle-sharing startup Mobike has announced its expansion into the Japanese market, just after the company closed a $600 million funding round.
The startup has set up a subsidiary in Fukuoka city in southern Japan, with plans to get its service into operation in the country later this year. Mobike have already launched a service in Singapore as well as a trial service in the UK, with the move into one of Japan’s largest cities representing the next big step for the group.
The company currently operates in around 100 Chinese cities and has raised over $900 million since October. Last Friday Mobike announced that it had successfully closed another funding round, counting Chinese tech giant Tencent, Sequoia Capital, TPG and Hillhouse Capital amongst its biggest investors.
“The company is committed to providing smart bike-share services in collaboration with local governments across Japan,” the company said in a statement, but did not provide details on its investment.
Since its launch just over a year ago, Mobike has negotiated software deals with Tencent and a tie-up with China’s most popular messaging app WeChat. Mobike currently has 100 million users and supports roughly 25 million rides a day, putting it at the forefront of its market. However, competition in the rise-sharing industry is tough, with its biggest competitor, ofo, raising $450 million in May from a range of investors including Chinese ride-sharing service Didi Chuxing.