SAN MATEO — LimeBike, the nation’s leading dockless bike sharing service, has closed $50 million in Series B funding to speed the rollout of its programs into 30+ cities and campuses across the U.S. by year-end.
Known for its lime-colored bikes, the company plans to use the new funds to expand operations, support ongoing upgrades to the bike design and the mobile app, and increase the size of the current deployed fleet by ten times towards the end of 2017. The Silicon Valley company hopes to launch one to two new markets every week to serve over a million users by the end of 2017 and expand globally in 2018.
The new round of funding brings the total amount raised so far to $62 million. Coatue Management led the round and partner Thomas Laffont will join the board of directors. Other new investors joining this round include GGV Capital, Franklin Templeton Investments, Section 32 (led by Bill Maris, founder and ex-CEO of Google Ventures), AME Cloud Ventures (led by Jerry Yang Co-Founder of Yahoo!), Stanford-StartX Fund and The Durant Company (founded by professional basketball player Kevin Durant). Previous investors, including Andreessen Horowitz and DCM Ventures, also participated in the round.
LimeBike is now the largest dockless bikeshare operator in the U.S., with approximately 10,000 bikes deployed, and available in 20 markets total (twelve cities and eight university campuses). LimeBike always seeks to partner closely with cities, colleges and businesses to provide dockless, subsidy-free bike share services and promote urban mobility for residents and visitors. Rides cost one dollar for 30 minutes or fifty cents for students. Since launch four months ago, the company has achieved nearly five times growth in rides and revenue on an average monthly basis with the number of riders increasing by more than fivefold. The company has logged over half a million trips, 250K registered users, and is growing 50 percent week over week on average.
“Bike sharing is shaping the future of transportation,” said Toby Sun, LimeBike CEO and co-founder. “We’re passionate about solving the challenges of the first and last mile and we believe that better understanding the migration patterns of commuters can eventually help us to create efficiencies in urban mobility and cut down on carbon emissions in our cities.”
LimeBike started its first deployments in June 2017 at the University of North Carolina at Greensboro, followed by Seattle, Washington D.C., Dallas, South San Francisco, South Lake Tahoe, South Bend, Key Biscayne, Imperial Beach, University of Notre Dame, North Carolina State University, University of Washington, among its 20 markets in total. Most recently, LimeBike expanded to Miami Shores, Fla., Alameda, Calif., Aurora, Colo., Arkansas State University, and is in discussion with several other major cities including San Francisco, Los Angeles, and New York City.
“We believe dockless, connected bikes have the potential to revolutionize the first and last mile of transportation,” said Jeff Jordan, general partner, Andreessen Horowitz and LimeBike board member. “LimeBike is making strong progress in leading this shift. The team is passionate, understands the wide-ranging needs of the US market, and is committed to collaborating with cities across the country to complete their public transportation system.”