LimeBike simply retains piling on the thousands and thousands. The dockless bike-sharing startup introduced right this moment that it has raised a further $70 million from Fifth Wall Ventures and Rainbow Technology. This is an extension of the $50 million Series B around the startup introduced final October.
Since launching in March 2017, LimeBike has rounded up a complete of $132 million, which appears slightly excessive contemplating that, nicely, they’re simply bikes. Cofounder and CEO Toby Sun had this to say:
“Yes, bike-sharing is a capital-intensive enterprise … We design all the things in-house and work with the very best producers on this planet. We don’t do off-the-shelf merchandise. You could have already observed, however some gamers within the bike-share trade is not going to make it due to an absence of funding and operational excellence.”
And $132 million pales compared to different rounds, particularly relating to Chinese rivals like Mobike, which raised $600 million final June, or Ofo, which secured a whopping $700 million final July.
LimeBike’s greatest competitor, nevertheless, appears to be New York City-based Jump Bikes, which not too long ago closed a $10 million spherical. In an attention-grabbing flip of occasions, the startup obtained an unique allow from the San Francisco Municipal Transportation Agency (SFMTA) in early January to launch 250 dockless ebikes — successfully blocking different bike-sharing startups (together with LimeBike) from receiving such a allow for the following 18 months.
Sun has been contesting the choice because it was introduced.
“There was not too long ago a particular listening to led by Supervisor Malia Cohen, who was very involved in regards to the lack of transparency on the bidding course of and what number of group members, together with the Board of Supervisors, have been blindsided by the company’s choice as nicely. More actions from the City will comply with … All we’re asking from SFMTA is for equity and transparency.”
Product-wise, each startups are banking on electrical bikes. LimeBike simply added motorized bikes to its dockless fleet.
Choosing Fifth Wall Ventures to guide right this moment’s spherical was a sensible transfer on LimeBike’s half. The actual estate-focused VC agency, which closed its first fund final May, will assist assist the startup’s strategic partnerships with industrial actual property homeowners, based on a press release.
In addition to tapping into the actual property market, LimeBike will use the contemporary injection of capital to enhance its cell utility and develop aggressively. The startup is current in additional than 45 markets throughout the U.S. and Europe (Switzerland and Germany).
This article sources data from VentureBeat