San Francisco-based micromobility company Lime announced the close of a $170 million funding round on Thursday. The round was led by Uber, marking its second investment in the company since 2018.
In Lime’s free-to-download app, users can locate nearby electric scooters or bicycles and ride them anywhere they’d like for 15 cents a minute. As a result of the investment, Lime will acquire Uber’s own micromobility app, Jump. The app integration could result in providing Uber’s customers with additional travel options that help to encourage social distancing.
“Lime has the operational expertise and undivided focus needed to build a scaled, sustainable micromobility business,” Dara Khosrowshahi, CEO of Uber, said in a statement.
The announcement comes at a time when cities around the world have introduced “slow street” measures in an effort to make public roads more bike-friendly for post-quarantine societal reintegration.
“Micromobility will be vital to the new world affected by COVID-19 and we are already seeing this as cities begin to move again. With our new financing and expanded offerings, we are strongly positioned to meet the needs of riders in a safe and reliable way,” Lime CEO Wayne Ting said in a statement.
Since it was founded in 2017, the company has expanded to 40 markets across the United States and Europe.
Existing investors Bain Capital Ventures and Alphabet’s GV also participated in the round. Lime has raised a total of $765 million in venture capital to date, according to Crunchbase.
