LimeBike, a San Mateo, CA-based dockless bike sharing service, raised $50m in Series B funding.
The round, which brings the total amount of funding to $62m, was led by Coatue Management with partner Thomas Laffont joining the board of directors. Other investors include new investors GGV Capital, Franklin Templeton Investments, Section 32 (led by Bill Maris, founder and ex-CEO of Google Ventures), AME Cloud Ventures (led by Jerry Yang Co-Founder of Yahoo!), Stanford-StartX Fund and The Durant Company (founded by professional basketball player Kevin Durant) and previous investors Andreessen Horowitz and DCM Ventures.
The company intends to use the funds to expand operations, upgrade the bike design and the mobile app, and rollout its programs into 30+ cities and campuses across the U.S. by year-end.
Led by Toby Sun, CEO and co-founder, LimeBike is a dockless bikeshare operator with approximately 10,000 bikes deployed, and available in 20 markets total (twelve cities and eight university campuses). The company seeks to partner closely with cities, colleges and businesses to provide dockless, subsidy-free bike share services and promote urban mobility for residents and visitors.
LimeBike started its first deployments in June 2017 at the University of North Carolina at Greensboro, followed by Seattle, Washington D.C., Dallas, South San Francisco, South Lake Tahoe, South Bend, Key Biscayne, Imperial Beach, University of Notre Dame, North Carolina State University, University of Washington, among its 20 markets in total. Most recently, the company expanded to Miami Shores, Fla., Alameda, Calif., Aurora, Colo., Arkansas State University, and is in discussion with several other major cities including San Francisco, Los Angeles, and New York City.