Lime Raises $335 Million

July 13, 2018

 

 

Lime announced that it has raised $335 Million in its latest round of funding. The round was led by GV, the venture capital arm of Alphabet Inc., and Uber. Uber will become Lime’s strategic partner in the electric scooter space “to offer people a greater variety of transportation modes at their fingertips and make it increasingly easy to live without a car.” Other new investors include Alphabet, IVP, Atomico and Fidelity Management and Research Company.

 

The company said the new funds will give it the ability to expand operations globally, develop new technologies and products for consumers and build out its infrastructure and team.


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Zoom View: It’s interesting to see Uber enter this partnership. Lime’s main competitor Bird was founded by a former Uber executive ­– Bird's CEO was sued by Lyft when he left to go to Uber. Last month, Uber (via JUMP) applied for a permit to operate e-scooters in San Francisco. This partnership could potentially qualify Uber for the permit.

 

If Lyft wants to follow in Uber's footsteps and acquire a scooter company (like it did when it acquired Motivate), then Bird doesn't seem like a solid option. This might make Spin a viable candidate.

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