Chinese Bike Firm Ofo Raises $450M From DST As Fundraising War Intensifies

DST Global, an investment firm founded by Russian venture capitalist Yuri Milner, has led a US$450 million series D round in Chinese bike sharing company ofo, intensifying a venture capital fundraising war between two of China's largest bike sharing companies.

Eight days ago, Shanghai-based Mobike said it had raised a total of over US$300 million since the start of 2017 from Singapore's state investment firm Temasek Holdings, Chinese investment firm Hillhouse Capital, Tencent Holdings Ltd., Warburg Pincus and other investors.

For ofo's latest round, existing investors Chinese ride sharing giant Didi Chuxing, CITIC Private Equity Funds Management Co., Ltd, New York-based Coatue Management, London-based technology investment company Atomico and China's Macrolink Group also participated in the round.

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