Chinese bike sharing sharing startup Ofo has reportedly raised $1 billion

December 7, 2017
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Chinese bike-sharing startup Ofo has raised $1 billion (£750 million) from investors, according to a report in The Financial Times on Thursday.

The Beijing headquartered company reportedly raised the money from Alibaba, which is sometimes referred to as the “Amazon of China,” and others.

Ofo did not immediately respond to Business Insider’s request for comment.

Ofo was founded in 2014 by five Peking University students. The company’s bright yellow bikes can be accessed via an app that uses a bluetooth connection to unlock them. They cost 50p for 30 minutes and can be picked up and dropped …read more

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