OFO completes $450 Million Series D Round of Financing

On March 1, OFO, a bicycle-sharing platform, announced it had completed the series D round of financing with 450 million dollars, ChinaNews.com reported. The investment was led by the world famous investment institution, DST (Digital Sky Technology).  Didi, Citic, Matrix Partners China, Coatue, Atomico, Macrolink Group, and other well-known institutions at home and abroad followed. OFO has made the highest ever single financial investment for a bicycle-sharing platform in this round of financing.

Third party data research institutions have found that OFO occupied 51.2% of the bicycle-sharing market. It achieved "the king of growth" in the industry, with a growth rate of 218% in three months, according to ChinaNews.com. Recently, OFO topped the total free list and the travel free list in the Apple App Store, becoming the fastest growing mobile App.

Since June 2015, OFO has connected over 1 million bikes and over 20 million registered users. In nearly 40 cities in China, the United States, Britain and Singapore, OFO provided a travelling service for users on more than 300 million occasions. 

Source: ChinaNews.com

Proofread by Sean O Diobhilin