Monday, October 16, 2017

LimeBike Adds $50M For Bike Sharing Service

San Mateo-based LimeBike, which operates a smartphone-driven bike sharing service, has raised $50M in a Series B funding, the company said today. The new round was led by Coatue Management, and also included GGV Capital, Franklin Templeton Investments, Section 32, AME Cloud Ventures, Stanford-StartX Fund, The Durant Company (founded by professional basketball player Kevin Durant) plus Andreessen Horowitz and DCM Ventures. The company said the funding will be used to expand operations, support ongoing upgrades to the bike design and the mobile app, and increase the size of the current deployed fleet by ten times by the end of the year. The company said Thomas Laffont of Coatue will join the company's board of directors with the new round. Toby Sun is CEO of Limebike. More information »