E-scooter sharing startup Lime is a pioneer and global leader in micro-mobility powering 130 million rides within a few years since operations. Now, at a time when the COVID-19 outbreak has taken a toll on the scooter-sharing services, Lime has secured a whopping $170 million (nearly €157 million) funding led by Uber along with participation from Google’s Alphabet, GV, Bain Capital Ventures, and other new and existing investors.
The investment shows the market strength that this mobility startup possesses and enables the company to build a long-lasting business that empowers people with safe, sustainable, and affordable transportation options. This investment comes after Lime secured $335 million funding in 2018 from Uber and Alphabet among others.
Better integration of mobile app with Uber
With the fresh investment, Lime has acquired Uber’s bike and scooter service — JUMP’s business operations and will expand its mobile app integration with Uber. Eventually, riders all over the world will have more integrated micro-mobility options at their disposal making car-free travel much easier than before. In most markets where both the companies operate, users will be able to use both Lime and Uber apps to unlock world-class products and services.
The investment made in Lime has provided a boost for Uber shares. The shares of the popular ride-hailing giant increased by eight percent in the afternoon trading. This comes at a time when the company is all set to publish its first quarter results.
Ropes in new CEO
Besides the investment, Lime has promoted Wayne Ting as its CEO. Wayne joined the company back in 2018 as Global Head of Operations and Strategy and has been working towards driving the operational excellence and taking it towards profitability. Brad Bao, the Chairman of the Board will work closely with the executive leadership team to make sure the company meets its mission.
“Under Brad’s leadership, we have built Lime into the world’s leading micromobiity company that is changing the way millions of people get around their cities. I look forward to building on this foundation with the Lime team in my new role,” said Wayne Ting, CEO of Lime. “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 has pioneered and become the global leader in micromobility, powering over 130 million rides in a few short years with the vision of making our cities greener and more livable,” said Brad Bao, Lime Co-founder and Chairman of the Board. “In order to achieve that, we focus on creating value for users and cities, and building a long term durable business. I have worked with Wayne for years and know that he is the best person to lead the company through its next stage as we continue to give riders new ways to move around cities.”
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