Singapore’s Obike raises $45m series B round, one of the largest in SEA history

Obikes in Singapore. Photo credit: Obike.

Obike, a bike-sharing startup born in Singapore, secured a massive US$45 million in its latest fund raise. That makes it one of the largest series B rounds on record in Southeast Asia, according to Tech in Asia data.

In a press release, the startup says that investors include a “leading global transportation platform,” Grishin Robotics, a venture capital firm founded by Dmitry Grishin, who is the co-founder and chairman of Russia’s Mail.Ru Group, as well as several family offices in Southeast Asia.

Edward Chen, chief marketing officer and co-founder of Obike, declined to reveal the identity of the “transportation platform” that participated in the financing. He told Tech in Asia that Obike and this investor “share a common goal in providing convenient, seamless mode of transportation in urbanized cities through the use of technology.”

Backwind for global expansion

Obike plans to use the funds raised in this round for international expansion. Less than a year old, Obike has already expanded its operations to over 10 countries such as Australia, Germany, Malaysia, Netherlands, Taiwan, Thailand, and the UK.

“We hope to empower commuters globally with flexibility, convenience while helping them reduce their carbon footprint at the same time,” says Chen in the release.

An Obike in London. Photo credit: Wikipedia.

Bike-sharing has become a huge trend in tech, with Chinese companies like Mobike and Ofo raising up to US$450 million in recent rounds.

Both firms have already launched in Singapore and in cities around the globe.

Not many other startups in the region have raised larger series B rounds than this. On-demand video platform Iflix raised the same amount last year, car-sharing app Icarsclub received US$60 million, and ecommerce site Zalora still holds the current record with a US$100 million series B round in 2013.