Fueling the US e-Scooter war further, Limebike scooter announced the new funding round that it has received from Alphabet’s Google Venture and Uber.
The news came in just weeks away from when its rival, Bird received $300M funding led by Sequoia Capital. Like Bird scooter app, this is Lime’s third funding of the year as well.
The first funding that Lime received was valued at $50 Million, which was followed by another round of funding in February valued at $70 Million, which valued the company at $132 Million.
With the new series of funding, Limebird scooter aims at making an addition in its multi-modal fleet of e-Scooters, pedal bikes, and e-Bikes in the USA and beyond.
Talking about backing Lime, Rachel Holt, Uber’s head of new modalities, said in an emailed statement, “Our investment and partnership in Lime is another step towards our vision of becoming a one-stop shop for all your transportation needs. Lime already has an expansive footprint, and we’re excited to incorporate their scooters into the Uber app so consumers have another fast, affordable option to get around their city, especially to and from public transit.”
[Want to See your e-Scooter App Idea on Lime and Bird Scooter App Growth Trend? Read Cost of Electric Scooter App Development and Everything Else About the Trend]
While Uber didn’t reveal the exact amount of funding that it has poured into Lime, but the latter is tagging the amount as “sizeable”.
With Lime and Uber now becoming strategic partners, the e-Scooters will now be co-branded and be now made available for booking on-demand in Uber app. The ride-sharing giant had launched an identical partnership with Jump bikes earlier this year before finally acquiring the dockless scooter rental service in April.
Uber and Google Venture is just an example of how the Venture Capital world is supporting the e-scooter phenomenon, full fledged.
On demand e-Scooter app brands have been raising funds at a lightning pace. While first Bird Scooter app became the fastest growing startup to be a unicorn — with the valuation of over $1 billion — after its last funding round, Lime quickly followed its league and became a part of the Billion valuation startup club.
Founded in 2017, both the brands have become multi-millionaire with Bird e-Scooters having raised around $418 million followed by Lime with its present $467 million market value.
While, in the present time, it is still clearly undecided as to who will win the race to becoming the leading e-Scooter brand, it will all boil down to which brand is able to expand beyond the US borders into other territories. Leaving the declaration of the winner for the time to come to decide, the current day picture is that e-Scooters are the one segment that is getting users’ and investors’ attention to such an extent that it is now becoming the most profitable app category to launch your business in.
What are you waiting for? Join the growth tangent that the segment is on. Talk to our Electric Scooter app development experts, today.