SAN MATEO, Calif., Feb. 15, 2018--LimeBike, the leading smart bikeshare provider, announced today it has raised an additional $70 million as part of its Series B extension round. The supplemental round, led by California-based Fifth Wall Ventures , brings the total amount of funding raised by LimeBike to $132 million.
“With this new funding and set of partnerships, we are officially shifting gears from being a bikeshare company to a smart mobility solution provider,” says LimeBike CEO and co-founder Toby Sun. “The new capital further solidifies our leadership position in the shared mobility industry as our market-ready, multi-modal mobility solution helps to meet the various needs of that first and last mile transportation challenge.”
The new funds will be used to expand operations, support ongoing research and the enhancement of LimeBike’s smart fleet, improve mobile applications, and increase the size of deployments. In addition, the company plans to continue its rapid entrance throughout the U.S. and in Europe. LimeBike announced just this week the largest deployment of shared electric-assist bike, Lime-E, along with the launch of their electric scooter, Lime-S..
Coatue Management led the initial Series B round with additional investments from DCM Ventures, GGV Capital, Franklin Templeton Investments, Section 32 (led by Bill Maris, founder and ex-CEO of Google Ventures), AME Cloud Ventures (led by Jerry Yang Co-Founder of Yahoo!), Stanford-StartX Fund and The Durant Company (founded by professional basketball player Kevin Durant). Previous investors, including Andreessen Horowitz and NGP Capital, and Decent Capital also participated in this round. U.S.-based Fifth Wall Ventures led the supplemental round, along with Rainbow Technology Co., Ltd.
“Shared mobility will be an integral part of every city’s transportation system in the future,” said Brad Greiwe, Co-Founder & Managing Partner at Fifth Wall. “ The largest real estate owners and operators have looked to Fifth Wall to find the optimal partner in this new ecosystem, and that partner is LimeBike. Working in conjunction with local city authorities, LimeBike’s vision has the potential to revolutionize how we move in cities and improve urban sustainability, and Fifth Wall shares this vision.”
LimeBike is the leading smart bikeshare provider in the U.S., with approximately 30,000 bikes deployed, with availability in 46 markets, and growing. LimeBike always seeks to partner closely with cities, colleges and businesses to provide dock-free, subsidy-free, shared smart mobility services and promote urban mobility for the public. Since launching in June 2017, the company has logged over 1.5 million trips, expanded internationally to Europe, and deployed electric scooters, electric-assist bikes, and multiple models of their standard pedal bike.
LimeBike is revolutionizing mobility in cities and campuses by empowering residents with a greener, more efficient, and affordable transportation option that also improves urban sustainability. By partnering with local key stakeholders and systematically deploying a fleet of smart-bikes that are enabled with GPS, wireless technology, and self-activating locks, LimeBike will dramatically improve urban mobility by making the first and last mile faster, cheaper, and healthier for riders. Funded by Silicon Valley's leading VC firm Andreessen Horowitz, LimeBike is based in San Mateo, CA. Learn more at limebike.com.