Electric scooter company Lime has closed $310 million in a Series D financing, valuing the company at $2.4 billion.
A group of returning backers and new investors, Andreessen Horowitz, Bain Capital Ventures, Fidelity Investments, GV and IVP, led the round. Existing investors Alphabet, Coatue, DCM, Fifth Wall, GGV Capital, Singapore’s GIC and others joined the round along with several new investors including GSV Capital, FJ Labs, Bling Capital, Europe’s GR Capital and St. Augustine Partners.
In a blog post on the Lime website, CEO and co-founder Toby Sun said the new funds will help Lime expand into new markets, enhance technology, strengthen the team and pilot new opportunities. It will also continue investing in two critical areas: rider safety and city collaboration.
According to Lime, more than 10 million people have signed up and over 34 million trips have been taken on a Lime vehicle, a 5.5x increase in trips in the last seven months alone. Lime has operations in over a hundred cities, towns, company campuses, universities and communities throughout 15 countries across five continents.
The median age of Lime riders is 32 with more than 20 percent of our riders over 40, and 33 percent of riders identify as belonging to a minority race or ethnic group. 34 percent of Lime riders report an annual income of less than $50,000, making Lime the choice for easy and affordable accessibility. Lime is now the most popular app for scooter sharing globally according to the company and is the #1 app overall in New Zealand and the #1 travel app in the Czech Republic, Austria, Poland, France, Portugal, Greece and Spain. Also, integration with Google Maps gives Lime riders in over 20 global cities an easy commute option.