Source: GV to lead ~$250M round in scooter startup Lime; each scooter gets used 8-12 times/day, and the startup has told investors users have taken 4.2M rides (Axios)

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Lime electric scooters. Photo: Lime

Lime, a San Francisco-based bike and scooter-sharing startup, is raising around $250 million in new funding led by GV (formerly Google Ventures), Axios has learned.

Why it matters: E-scooter competition keeps heating up, with rivals like Lime and Bird believing that cash-grabs will translate into land-grabs.

  • The deal is not yet closed, which means the final size could change a bit. Existing backers like Coatue Management and Andreessen Horowitz are expected to participate.
  • Lime has told investors that its users have taken a total of 4.2 million rides, one million of which were between May 5 and May 27. One source says each Lime scooter is used, on average, between 8 and 12 times per day.
  • Axios previously reported that Lime was seeking to raise up to $500 million in a combination of equity and debt, but the latter is currently on hold. Expect it to come at some point later, likely in the form of equipment financing.
  • Rival Bird reportedly is raising $150 million in new funding to be led by Sequoia Capital, with a Delaware filing (provided by Axios by Lagniappe Labs) showing that it has authorized up to $200 million in Series C shares. If all sold, its valuation would top $1 billion.

Go deeper: How the scooter economy differs from the ride-hail economy


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