LimeBike, a San Mateo, CA-based dock-free bike sharing company, raised an additional $70m as part of its Series B extension round.
The round was led by California-based Fifth Wall Ventures, with participation from Rainbow Technology Co., Ltd.
The company intends to use the new funds to continue expanding operations throughout the US and Europe, developing new technologies and more refined mobile applications.
Led by CEO Toby Sun, LimeBike is a dockless bikeshare service provider operating a smart mobility fleet of electric-assist bikes and electric scooters present in more than 45 markets across the U.S. and Europe (Switzerland and Germany).
The initial Series B round was led by Coatue Management with additional investments from DCM Ventures, 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 NGP Capital, and Decent Capital.