San Mateo-based LimeBike announced it has raised $12 million in Series A funding to revolutionize urban and campus mobility.
The round was led by Andreessen Horowitz, with participation from IDG, DCM, Seven Seas, and others. Andreessen Horowitz’s General Partner Jeff Jordan is joining LimeBike’s Board of Directors.
LimeBike will offer riders fast, easy and affordable bike access. All bikes will be GPS-enabled, making it simple for riders to find and pick-up a nearby bike. LimeBike will have a dockless network to offer maximum flexibility to its riders, saving them both the time and hassle of having to return bikes to a docking station. LimeBike will work together with cities and campuses across the country to create programs that cater to their riders’ needs, with no costs nor maintenance fees to cities or campuses.
By bringing down the cost of affordable bike access, LimeBike envisions a day in which biking, in conjunction with existing public transportation, will be a true and compelling alternative to every day car transportation. Currently, only two percent of trips in the Bay Area happen on bicycles compared to 27 percent in the Netherlands. LimeBike aims to bring America’s cities to a greener and healthier future.
“Bike networks will hit a tipping point when we make bicycles widely available and universally affordable,” says Toby Sun, CEO and Co-Founder of LimeBike. “When we begin to have bikes within a couple of blocks and only pay a small amount to access them, we can turn the bicycle into a mass transportation network and redesign our cities for people instead of cars.”
“CEO Toby Sun and Chairman Brad Bao have deep experience putting together teams that can tackle software, hardware, operations, and more,” says Jeff Jordan of Andreessen Horowitz and now member of the LimeBike board. “We couldn’t be more excited about this company, the team, and the change they can bring to cities.”
“We will aim to take a very collaborative approach with cities and college campuses. We think it’s important to work together, identify the right bike program strategy for each region, and jointly add bike transportation as a widely used, and widely available option for getting around,” says Sun.