Lime, the bike and scooter sharing company, is raising about $250 million in a funding round led by Google Ventures, according to a person familiar with the deal
Existing backers such as Coatue Management and Andreessen Horowitz are expected to chip in as well. The final value of the round could reportedly change since the deal has not yet been signed.
Bird, its main rival, is also raising money at a valuation of $1 billion which signifies a rapid rise for the two leading scooter sharing companies which are less than two years old.
Both companies have faced pushback from some city regulators (probably on the basis of tripping over them and falling on your face), but it still means the venture community is still salivating over potentially the next major mode of metropolitan transportation.
Axios is reporting that Lime has told investors users have taken 4.2 million rides and each scooter gets 8 to 12 rides per day.
The sudden excitement over alternative mobility extends into bike-sharing as well. Uber recently purchased the dockless bike-sharing company Jump for a price reported to exceed $100 million. Lyft is said to be in talks to pay $250 million to acquire Motivate, which runs Citi Bike, the country’s largest bike-sharing program