Hongji Bike closes Series A round, raises nearly USD10m

Hongji Bike announced that it has recently received nearly ten million US dollars of financing led by Kymco Capital. Co-founder Wang Miao said that the fresh funding will mainly be used for rapid expansion in European and American markets, as the company’s profitability has been good.

Hongji Bike announced that it has recently received nearly ten million US dollars of financing led by Kymco Capital. Co-founder Wang Miao said that the fresh funding will mainly be used for rapid expansion in European and American markets, as the company’s profitability has been good.

Kymco Capital is also a strategic investor of Southeast Asian mobility service giant Grab. This financing will help both parties to jointly boost presence in the entire electric vehicle industry chain. Earlier, Hongji Bike had secured an angel round financing of 10 million yuan in 2018.

Founded in November 2017, Hongji Bike is a comprehensive solution provider of micro-mobility vehicles integrating design, R&D, manufacturing, and operation. Its core team includes the talents in automotive industry, shared mobility industry, and two-wheel R&D and manufacturing.

Hongji Bike not only mastered various patented technologies, but also won dozens of international design awards in the field of industrial design. Through the R&D and innovation of the core drive system, Hongji Bike pioneered and independently developed the single-arm shaft transmission technology, applied the concept, R&D process, production system, and quality standard system of the automotive industry to the field of micro-mobility vehicles, redefining the industry standard.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/05/11/hongji-bike-closes-series-a-round-raises-nearly-usd10m/.

Leave a Reply

Your email address will not be published. Required fields are marked *