Uber and Google Invest $335M in Scooter Startup Lime
That's a lot of money for some damn scooters.
Tue Jul 10 2018 15:30:00 GMT+0000 (Coordinated Universal Time)
Who would've thought that in the year 2018, we'd have scooter companies (yes, that's plural) worth over $1 billion dollars. Then again, considering who's the President of the United States you'd think I'd begin to expect the unexpected, but that's neither here nor there. Let's get back on topic.
Lime, a Silicon Valley startup, just raised $335 million from Google and Uber -- making it the 2nd scooter startup to hit the billion dollar club, joining Bird.
(In the startup world, a private company valued over $1 billion is referred to as a "unicorn." Chances are you won't be using that term in your everyday convo, but you never know when you might get that question on Jeopardy. Thank me later.)
Investors everywhere are throwing money at companies like Lime like it's 1:30am at King of Diamonds -- all with hopes of catching the next Uber or Lyft of scooter-sharing. Ironically enough, Uber's investment in Lime comes along with a partnership between the two companies that will allow you to rent scooters directly from Uber's app. You probably won't be drunkenly leaving the bar at 2am and catching a scooter to the crib, but it does make sense for fairly short, daily travel in busy cities like San Francisco and Los Angeles.
Lime and Bird work by letting people reserve a nearby scooter through their apps, ride to wherever it is they need to go, and then leave the scooter wherever -- making it available for someone else to pick up and repeat the process.
Behind Lime and Bird's numbers
Lime - $1.1 billion
Bird - $2 billion
# of cities operated in:
Lime - 60
Bird - 70
Round of funding:
Lime - Series C
Bird - Series C