Ofo Becomes a Unicorn (a Billion Dollar Start-Up)
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There’s some big news in the bike share wars— Ofo is officially a ‘unicorn.' If you’re unfamiliar with that term, a unicorn is a start-up company valued at over $1 billion. The term was coined in 2013 by venture capitalist Aileen Lee. This report comes to us via Bloomberg.
The Beijing-based company announced that it closed its $450 million Series D round of funding. Investors include DST, Matrix China, CITIC and Didi among many others.
Ofo’s chief rival Mobike has yet to hit $1billion in valuation, but has funding from investors such as Tencent, Xiaomi, Sequoia China and Singaporean sovereign fund Temasek, as well as many others.
Some of the largest unicorns include Uber, Xiaomi, Airbnb, Palantir, Snapchat, Dropbox and Pinterest.