Sharing electric bike platform QeeBike, headquartered in Hangzhou, announced the accomplishment of its tens of millions USD Series A+ funding, led by KYMCO Capital and followed by Sunwoda and IDG Capital. Ventech China participated its Series A investment in March 2018.

Since inception in October 2016, Qeebike has aimed to provide 1-5 kilometers’ distance transportation solution. The company has then entered into several cities and operated tens of thousands of sharing electric bikes and hundreds of recharging cabinets. The operating frequency per bike is more than six times daily. The average price per order is 3 RMB and the average travel distance per use is around 4 kilometers. The company has achieved an overall profitability by finishing tens of millions orders and several millions times of battery recharging accumulatively.

Using precise positioning and electric fence technology, Qeebike only allows users to return bikes back to certain areas. Such fixed-return-point approach not only matches governments’ regulation, but also reduces the operation cost as well as increases per bike’s activeness. Daily bike active rate reaches 90%, much higher than the industry average.

According to Zhou Kunpeng, CEO of Qeebkie, Qeebike is the only player using distributed recharging cabinet system versus large central recharging warehouse by its competitors. At any time, low-power electric bikes is less than 1% of its fleet, while industry average is over 20%. With hundreds of recharging cabinets deployed，QeeBike can meet all the recharging needs at a 1:1.1 bike/battery ratio. As the company scales up, it expects to lower the daily maintenance cost per bike to less than 1 RMB.

Besides high operation efficiency, Qeebike also has strong product design and development capability. The current electric bike is pursuant to National GB 17761-2018 standard. With a weight of 25kg and a 20km/h speed limitation, the bike adopts European non-zero start safety standard (no electricity supply if there is no pedaling), which assures riders’ safety. Based on Qeebike CTO Yang Chunlei, Qeebike is also the first company applying Tesla’s aluminum wielding double protection. The recharging cabinet is certified by the China Quality Certification Center (CQC) , which has higher security and stronger data management capabilities than battery charging in central warehouses.

Qinzhi, former CEO of Autohome and current chairman of Qeebike, thinks electric bike is the trend for short-distance transportation. In a more rational market situation as of today, asset operation efficiency and operational competence will be the key against competition, and he has confidence in Qeebike’s strengths.

After this round of financing, KYMCO will start a strategic cooperation with Qeebike. The two companies will fully cooperate in the product development, supply chain and market operation, etc., They also plan to deploy over 1000 recharging cabinets in Hangzhou within half a year.

Eric Huet, Managing Partner of Ventech China thinks Qeebike will bring more convenience to more and more users with its insightful industry understanding and extensive experience. Ventech China also believes Qeebike will promote the sustainable development of whole electric vehicle industry with its advanced technology and products.