Lime is raising $250M to build the future of transportation
Scooters for everyone 🛴
Posted on June 6, 2018 12:07 AM.
AxiosDan Primack and Kia Koklitcheva
Lime, a San Francisco-based bike and scooter-sharing startup, is raising around $250 million in new funding led by GV (formerly Google Ventures).
This comes after Lime competitor, Bird, was reported to be raising $150M, led by Sequoia Capital...
... topping a $1B valuation 🦄
Lime's additional investors are expected to include Coatue Management and Andreessen Horowitz.
Lime was previously reported to be seeking up to $500 million in funding and was taking meetings with some major firms in Silicon Valley over the past few weeks. It might not get that, but a $250 million influx might be plenty to try to continue to ramp up its business and get more rides on board.
As more scooters continue to hit the streets, cities like San Francisco are attempting to keep up, ...
... drafting legislation to regulate operating activities and limit the number on the streets and requiring scooter companies to apply for permits. After putting up with companies like Uber, who had a reputation of fighting cities on regulation, cities aren't making the same mistake again. Alternative transportation options like Lime are taking off.
Axios learned Lime's users have taken 4.2 million rides in a span of just over 20 days, ...
... and each scooter is ridden about 8 to 12 times per day.
Interested in product and tech related news? Check out the Sip News app by Product Hunt. Every weekday, Sip surfaces the most exciting and essential tech stories of the day. You can download it now for iOS or Android.
Sip News Summaries
The most important tech stories, curated daily.