Lime Raises $310 Million In Fresh Funding

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Lime Bike

On-demand electric scooter and bike startup Lime has confirmed picking up a $310 million in fresh Series D round of investment. The latest investment round was led by Bain Capital Ventures, Andreessen Horowitz, Fidelity Ventures, GV and IVP and takes the valuation of the company to $2.4 billion.

Prior to this round, the earlier investment of $335 million was led by GV in July last year. The current round of investment takes the total capital secured by the San Mateo-based firm to $765 million. Existing investors Alphabet, Coatue, DCM, Fifth Wall, GGV Capital, and Singapore’s GIC also took part in this funding round. At the same time, the round saw the entry of some smaller names like GSV Capital, FJ Labs, Bling Capital, Europe’s GR Capital, and St. Augustine Partners participate in the round.

Toby Sun, one of the co-founders and CEO of the company confirmed the funding through a blog post. Talking about the same he wrote, “This new investment demonstrates the fundamental strength of our business and the increasingly rapid adoption of Lime. The new funds will give us the ability to expand into new markets, enhance our technology, and strengthen the team and pilot new opportunities. We will also continue investing in two critical areas: rider safety and city collaboration.”

The company claims to have done 34 million trips and has over 10 million sign-ups across the globe. The firm has their presence in over 100 countries where it has deployed their scooters and bikes. The firm has joined hands with ride-hailing major Uber to offer the booking services within the Uber app.

Lime competes with players like Jump, Bird, and Mobike who have attracted significant funding as well.

 

Image Courtesy : Lime

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