E-Scooter Startup Lime Is Raising a $250 Million Round Led by GV

via LimeBike

E-scooter startup Lime is in the process of raising a $250 million venture round led by Google’s investment arm, GV, according to a recent report by Axios.

Lime has been actively fundraising over the past few weeks and the upcoming capital injection will help the company further scale its operations. The company has told investors that its users have taken roughly 4.2 million rides total, with each scooter receiving 8 to 12 rides per day. A total of one million rides were taken between May 5 and May 27, demonstrating a recent uptick.

Initial fundraising documents were filed on the morning of June 5, shortly after news broke that e-scooter competitor Bird raised $150 million in a round led by Sequoia Capital. Both startups have received pushback from various city regulators, but are adamant that scooters will become the next major mode of metropolitan transportation.

E-scooters have become so prevalent that the city of San Francisco recently announced a ban starting June 4 on companies that rent out shared scooters without a permit. This new legislation, which was passed in an effort to reduce the potential for accidents, will also limit the number of scooters a company can make available at any given time.

Other major cities are getting ahead of the trend, as well. Miami Beach officials recently announced plans to crackdown on e-scooters, citing the dangers for tourists who ride on the vehicles intoxicated as a major concern. Additionally, Los Angeles is mulling the idea of regulating e-scooters to reduce the sidewalk clutter that is being experienced mainly on the west side of the city.

Adding to the mania, Lyft just announced that it is seeking a permit to launch an e-scooter rental service in San Francisco and Uber recently acquired dockless e-bike service Jump Bikes for a reported amount of $200 million.

More: Scoop: GV to Lead $250 Million Round in Scooter Startup Lime
Similar: Here Are the Startups Battling for Scooter Dominance
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