Ofo Said to Seek $3 Billion Valuation in China Funding Wars
- Bike startup is said to target $500 million in new money
- Fund-raising will come just months after sizeable investment
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Chinese bike-rental startup Ofo is aiming to raise new funds at a valuation of about $3 billion, people familiar with the deal say, further inflaming an already pitched competition for capital by startups backed by the country’s largest technology firms.
The company is seeking roughly $500 million, one of the people said, asking not to be named discussing an undisclosed matter. Its latest round comes just months after the startup secured at least $450 million from ride-hailing giant Didi Chuxing, Jack Ma’s Ant Financial, DST Global and other investors. Ofo spokeswoman Angela Cai didn’t respond to messages seeking comment.