Lime, an on-demand electric scooter and bicycle startup, said on Wednesday (Feb. 6) that it had raised $310 in a Series D round of financing.
“We are thrilled to announce today that we have closed $310 million in a Series D financing, valuing Lime at $2.4 billion,” the company said in a blog post.
The $2.4 billion is twice the company’s previous valuation of $1.1 billion, according to reports. The company said the model they offer has been picking up around the world.
“Micromobility is a rapidly growing market that is here to stay, with millions of riders using e-bikes and scooters to commute,” the company said. "This new mode of transport is becoming a part of daily routines, and Lime is leading this space. Our ridership grew faster in our first 18 months than the ride-hail industry did in its first two years.”
Lime also said it has done 34 million trips and acquired 10 million sign-ups across five different continents. The investment, the company said, will help fund growth in other areas.
“This new investment demonstrates the fundamental strength of our business and the increasingly rapid adoption of Lime,” the company said. “The new funds will give us the ability to expand into new markets, enhance our technology, strengthen the team and pilot new opportunities. We will also continue investing in two critical areas: rider safety and city collaboration.”
Lime scooters have features like GPS, airless tires and electronic locks that allow the scooters to be parked anywhere. The company also plans to focus on safety issues, and pledged to work with regulators around the world on the issue.
“Yet for safety to be built into micromobility from the street up, we cannot do it alone. It’s only through new and existing partnerships with local governments that we are helping communities to elevate micromobility in public policy development,” the company said. “Partnerships like our transit data sharing for bike lane planning in Austin and Kansas City, or our membership on the St. Louis Scooter Safety Task Force.
“Micromobility is growing at a faster rate than we have ever seen, but the industry is still in its early days,” the post continued. “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.”