$1 billion dollar scooter startup raising funds to take it to $2 billion dollar valuation

Just weeks ago, electric scooter-sharing startup Bird snagged $150 million in a Series C funding round, giving the startup a $1 billion valuation. That’s on top of the $115 million it raised in March.

Now, the company is reportedly raising again and seeking to raise around $200 million in new funding at a $2 billion. This is according Axios reporter Dan Primack reported on Tuesday.

Primack credited Bird’s explosive valuation to a popular investment theory: Ride-hailing giants like Didi, Uber, and Lyft are all making moves in the electric sharing scooter market, which could make Bird an attractive acquisition target in the near future.

Bird faces stiff competition from rival Lime, a bike- and scooter-sharing startup that’sbacked by Alphabet’s venture arm GV and Andreessen Horowitz. Last week,  Lime is raising $250 million in new funding at a $750 million valuation.

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