NewMargin Capital, a venture capital firm listed on China's New Third Board, has led a series B round worth hundreds of millions of RMB in Xiaoming Bike, a Guangzhou-based bike sharing start-up.
No additional financial details were disclosed in a company announcement.
Investors in China continue to back new bike sharing companies in the belief that there will be creative ways to monetize these operations going forward. With China's two largest bike sharing companies, Mobike and ofo, boasting registered users of over 100 million, capital is increasingly targeting second-tier players with slightly different business models.
Founded in 2016, Xiaoming specializes in serving markets in the Pearl River Delta and Yangtze River Delta Economic Zone. Unlike most other Chinese bike sharing companies, Xiaoming requires users to rent and return b...
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