bike-sharing in china

Mobike investigates sexual harassment reports – Bloomberg

Chinese bike-sharing startup Mobike announced that it is investigating sexual harassment report made by an employee against a manager in the company, Bloomberg reported.

According to the report, the unnamed manager has sexually harassed the complainant and another two employees.

The case appeared in the midst of the increasing #MeToo movement in the country.

ByteDance is looking to raise up to US$3B – TechCrunch

Chinese media startup ByteDance is in early stage talks with investors to raise between US$2.5 billion to US$3 billion to continue the growth its entertainment apps, including Toutiao and TikTok, TechCrunch reported.

Citing unnamed source with knowledge of the plan, the report stated that the new investment could value ByteDance as high as US$75 billion. However, the source also stated that the valuation “is a target and may not be reached.”

ByteDance has declined to comment on the report.

Also Read: Mobike appoints Vibhor Jain as India CEO to fast-track its plans to ride into the country

WeWork to get another US$1B from SoftBank – Bloomberg

New York City-based coworking space giant WeWork announced on Thursday that existing investor SoftBank Group will invest another US$1 billion in the company in the form of a convertible note, according to Bloomberg.

The company already raised US$5 billion from SoftBank last summer and earlier this year for its China-focussed subsidiary.

WeWork President and CFO Artie Minson said that the company’s sales are rising while construction cost per desk are dropping.

“All of those together basically give you the confidence to want to go faster … There’s significant interest in WeWork equity from large institutions,” he stated.

Golden Gate Ventures launches new crypto fund LuneX Ventures – e27

Golden Gate Ventures today announced the launch of LuneX Ventures, a dedicated fund for global blockchain investments.

Led by the firm’s former head of growth Kenrick Drijkoningen, LuneX Ventures is looking forward to raise up to US$10 million for its fund. It plans to invest in five to 10 startups and already made an investment in Singapore-based Sparrow Exchange.

GGV’s portfolio companies have raised “over” US$35 million through ICOs; the firm hinted that more of its portfolio companies will follow this route.