Lime, which operates motorized scooters in major metropolitan areas, showed it still had more growth ahead with new funding and more people using it.
It announced Wednesday a new cash infusion of $310 million in Series D financing. This new funding brings Lime up to $2.4 billion in valuation. Andreessen Horowitz, Bain Capital Ventures, GV, IVP and Fidelity Investments led this funding round, joining previous investors Alphabet, Coatue, DCM, GGV Captial, GIC, GSV Captial, FJ Labs, Bling Capital, GR Capital and St. Augustine Partners.
This new funding means Lime can enter new markets, enhance technology, add new staff and look at new opportunities. Lime also plans to invest in rider safety and collaboration with the cities it serves.
“Micromobility is growing at a faster rate than we have ever seen, but the industry is still in its early days,” said Toby Sun, CEO and Co-Founder of Lime in a statement. “As we move into this next phase of growth and adoption, Lime is committed to leading the way in collaborating with policymakers, the industry and local communities.”
Lime has seen strong growth even as the micromobilty industry its in has grown more competitive. More than 10 million sign-ups and over 34 million trips have been taken using Lime vehicles, up 5.5x in trips in the last seven months alone. Lime has expanded to over 100 locations through 15 countries in five continents.
Lime competes with Bird, Uber’s JUMP and other similar companies for the electric scooter business, which has seen phenomenal growth in the last few years due primarily to city dwelling millennial that have little need for cars.