Lime operates shared electric micromobility services, primarily e-scooters and Gen4 e-bikes, used for commuting and tourism. The company plans to refresh a significant portion of its fleet, scale into more cities (targeting North America, Europe and potentially the Middle East) and develop new technologies to win city RFPs. Lime is dedicating capital toward decarbonization, including $20 million from the latest raise and commitments to supplier emissions targets; its carbon targets were validated by the Science-Based Targets Initiative and it is working toward net-zero by 2030. CEO Wayne Ting said the company has achieved third-quarter EBITDA profitability for the second time and expects 2021 revenue to return to 2019 pre-pandemic levels. Lime has launched roughly 80 contracts this year and plans to deepen relationships in existing cities as part of its pre-IPO roadmap. Lime builds and operates shared electric bikes and scooters with GPS-enabled, self-locking vehicles and a mobile app. The company is launching a new generation e-bike this summer featuring a swappable battery interoperable with its Gen4 scooter, increased motor power, a phone holder, a standardized handlebar display, and an automatic two-speed transmission. Lime says the swappable battery will streamline operations, reduce charging and rebalancing frequency, and increase vehicle availability. The company plans to expand service to 25 additional cities this year, primarily across Europe and North America, with a handful in Australia and New Zealand. Lime reported riders took more than three million rides through the platform last year and sees e-bikes as key for medium-length trips under five miles. It has also announced partnerships and sustainability commitments, including work with the League of American Bicyclists and a pledge to be carbon negative by 2025 and net-zero by 2030. Lime operates shared electric scooters and bikes and announced a $170 million funding round alongside the acquisition of Uber’s micromobility unit, Jump. The company plans deeper integrations with Uber and Jump while keeping both apps active for now. Lime paused operations in 99% of its markets during the COVID-19 pandemic and subsequently laid off about 13% of its workforce (roughly 80 employees). The Information reports the company’s valuation fell 79% to $510 million with this round; in April 2019 Lime had been valued at $2.4 billion. Leadership has shifted: Wayne Ting was promoted to CEO and co-founder Brad Bao will remain chairman. The deal is expected to yield operating-cost savings as Jump employees transition to Lime. Lime provides shared electric scooters and bikes deployed across cities. The company has deployed scooters and bikes in more than 100 U.S. cities and 27 international cities, and since June has more than doubled the number of U.S. cities where it operates. Lime began as a bike-share company and has partnered with Segway to launch a next generation of Segway-powered scooters. The company has faced safety challenges, including a scooter recall over battery fire concerns and a fatal scooter accident; it also put $3 million toward a safety initiative called “Respect the Ride.” Lime has integrated with Uber to offer Lime scooters within the Uber app. Management says new funding will be used to expand into new markets, enhance technology, strengthen the team, pilot new opportunities, and invest in rider safety and city collaboration. Lime operates a fleet-based electric scooter rental service that users unlock via mobile app. The company has entered a strategic relationship with Uber, which invested as part of a $335 million financing and will promote Lime within its app and place Uber branding on Lime scooters. The deal is not an outright acquisition, though the arrangement has drawn comparisons to Uber’s earlier tie-up with JUMP bikes that preceded a $200 million purchase. Lime’s newest round also included GV, Alphabet’s venture arm. The partnership is intended to extend Lime’s distribution and brand reach but comes with risks, including potential brand dilution and dependence on how prominently Uber features Lime in its crowded app. Observers noted the tie-up could be double-edged given Uber’s operational ups and downs and uncertainty over future prominence in Uber’s product.

Total raised

$1.5B

Funding rounds

9

Latest round

Convertible Note

Latest activity

Nov 2021