Ofo has raised a massive $866 million in funding. The Beijing-based company operates millions of lemon-yellow dockless shared bicycles around the world. The round was led by China’s e-commerce giant Alibaba, which competes directly with Amazon.
Other investors in the round include Haofeng Group, Tianhe Capital, Ant Financial and Junli Capital, according to Ofo’s announcement.
Ofo is a global leader in dockless bike-share but the market has become bloated in China, with some services starting to collapse and apocalyptic images of bike graveyards going viral.
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Ofo is one of three dockless bike-share services in Seattle, competing with LimeBike and Spin. Yellow Ofo bikes appeared on Seattle streets last summer; the service has since become a controversial presence in the city.