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China’s newest source of on-demand hype, rental bicycles, gets its first unicorn | TechCrunch

China’s newest startup money pit — bicycle rentals on-demand — now has its first billion-dollar valued company. The industry has sucked in more than $300 million from investors this year alone — that’s counting just one company — and now Ofo has become the first in the space to reach the much-coveted $1 billion valuation. […]

China’s newest startup money pit — bicycle rentals on-demand — now has its first billion-dollar valued company.

The industry has sucked in more than $300 million from investors this year alone — that’s counting just one company — and now Ofo has become the first in the space to reach the much-coveted $1 billion valuation. The Beijing-based company announced today that it had closed its $450 million Series D round led by DST.

Source: China’s newest source of on-demand hype, rental bicycles, gets its first unicorn | TechCrunch

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