Founder of failed Chinese bike-sharing firm Ofo in US comeback

His tech-savvy coffee chain is backed by some of China's biggest venture firms

In February last year, a tiny coffee store with red neon signs opened in Gramercy Park, one of the most idyllic neighbourhoods in New York City.

The shop, About Time Coffee, soon spawned four outlets at other prime locations in downtown Manhattan, peddling iced boba coffee that is suddenly a trend on TikTok and Instagram.

This is not your typical neighbourhood coffee house, but a tech-savvy start-up backed by some of China's biggest venture firms.

Investors including ZhenFund and IDG Capital's Chinese arm have made bets on the nascent New York coffee chain hatched by Mr Dai Wei, the controversial founder of Chinese bike-sharing startup Ofo.

Mr Dai, in his early 30s, had been the face of China's biggest tech bubble of recent times, when investors poured billions of dollars into firms renting dockless bikes with no clear business model.

In 2018, Ofo ceased operations after funding dried up, leaving its iconic yellow bikes piling up on Chinese streets.