Categories Technology

Uber invests in e-scooter startup Lime

For commuters, electric scooters are emerging as the need of the hour. Increased demand in e-bikes has led to a significant shift in the traveling mode. The ridesharing firm Uber has now increased its investment in this competitive space. Uber plans to cater to the growing demand by teaming up with the dockless bike startup company Lime. Uber enters into the e-bike arena by working with Lime as a strategic partner.

The latest details about Uber’s investment were revealed through a blog written by Lime founder Toby Sun. Formerly known as LimeBike, the company raised $335 million from a group of investors that included Alphabet (GOOG) and Uber Technologies. Lime did not talk about its valuation, but according to Bloomberg, the latest funding round values the company at $1.1 billion.

Uber has made a significant investment in the startup that has a presence across 70 US markets. Lime is currently preparing for its debut in Europe and will be launching its e-bikes in Paris. Both the companies, however, did not mention the cities where this new partnership will be seen first. Based on this deal, Uber users can now book a Lime bike through the Uber app. Uber also plans to have its logo on Lime bikes.

Related: Uber accelerates its ride-hailing services with the buyout of e-bike startup JUMP

In April this year, Uber officially entered into the bike-sharing business with the acquisition of the dockless e-bike startup JUMP. In June, Uber and its rival Lyft had even applied for the e-scooter permit in San Francisco, along with Lime, Bird, and Spin. According to the new guideline, only five companies would be allowed to operate 500 e-bikes in the city. As Lime rushes to raise money, it’s rival Bird races to be the first electric scooter unicorn. Bird, often referred to as the Uber of scooters, raised $300 million in its latest round of funding that values the company at $2 billion.

Related: Uber and Lyft may soon clash over e-scooters

Most Popular

United Parcel Service (UPS) seems on track to regain lost strength

Cargo giant United Parcel Service, Inc. (NYSE: UPS) ended fiscal 2023 on a weak note, reporting lower revenues and profit for the fourth quarter. The company experienced a slowdown post-pandemic

IPO Alert: What to look for when Boundless Bio goes public

Boundless Bio is preparing to debut on the Nasdaq stock market this week, and become the latest addition to the list of biotech firms that have launched IPOs this year.

Nike (NKE) bets on innovation and partnerships to return to high growth

Sneaker giant Nike, Inc. (NYSE: NKE) has been going through a rough patch for some time, with sales coming under pressure from weak demand and rising competition. Post-pandemic, the company

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top