Chinese bike-sharing startup Mobike is said to have raised new funding from Singapore’s sovereign wealth fund Temasek Holdings, and investment management firm Hillhouse Capital. This would bring its total funding to date reportedly to over $400 million, according to Chinese research firm Trustdata.

The new funding comes after Mobike’s recent expansion into Singapore, and a little over a month after it raised $215 million in a series Series D financing round led by Chinese internet giant Tencent and leading private equity firm Warburg Pincus.

Other investors in Mobike include Taiwanese electronics giant Foxconn, China’s largest travel company Ctrip, global leading private equity firm TPG, China’s leading hotel operator Huazhu Hotels Group, and venture capital firm Sequoia China, Bertelsmann AG, Panda Capital, Temasek’s unit Vertex Ventures, Sinovation Ventures, Joy Capital and HongZhuo Capital.

Mobike was the first company in the world to develop smart bike-sharing technology. It began trial operations in Shanghai at the end of 2015, and officially launched in Shanghai in April 2016. The company was founded by former journalist Hu Weiwei, and co-founded with former Uber China executive Davis Wang, and auto industry veteran Joe Xia.

“In just 10 months, Mobike has grown to serving more than 10 million users across 21 cities, and in that time, people across China have taken more than 200 million Mobike rides,” said Wang, co-founder and CEO of Mobike.

Mobike’s mission is to bring more smart bikes to more cities, using its innovative technology to make cycling the most convenient and environmentally friendly transport choice for urban residents. Using specially designed bikes equipped with GPS and proprietary smart-lock technology, Mobike enables users of its smartphone app to find a bike near them and unlock it using their smartphones.

After reaching their destination, users park their bike by the roadside and lock it, automatically making the bike available to other Mobike users nearby. Payment is automatically calculated and deducted from the user’s Mobike account.

According to recent statistics released by Trustdata, by the end of last year, China’s bike-sharing monthly active users (MAU) reached 4.32 million. Mobike achieved 72.5 percent of the market share, accounting for more than 3.13 million MAU, adding that as of last December, “Mobike took the crown, followed by Ofo, Youon Bike and Black Bird Bike,” becoming the top four bike-sharing apps in China.

Mobike also signed an exclusive strategic partnership with Foxconn Technology last month, “in a move to double its annual bicycle production capacity to more than 10 million units,” China Daily reported.

Investment firm Hillhouse Capital was founded in 2005 and is led by its CEO Lei Zhang, who worked with the $20 billion Yale Endowment and a global emerging market fund covering South Africa, Southeast Asia and China. The firm manages capital for university endowments, foundations, sovereign wealth funds, pensions and family offices.

China Renaissance acted as the exclusive financial advisor to Mobike. As of December 2016, China Renaissance has completed more than 420 transactions with over USD 80 billion in total deal value. The firm is headquartered in Beijing and maintains offices in Shanghai, Shenzhen, Hong Kong and New York, employing approximately 500 professionals.

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