Getting $500m In Extra Funding? Talk About Squeezing Limes!
The scooter business is heating up for companies operating in California, especially in San Francisco. With numerous companies seeking to capitalise on a city taking itself off petrol and going greener for longer. But some of the top contenders don’t have the sort of capital going behind its scooters that Lime wants.
According to a report by Axios, the scooter manufacturer is doubling down in the two-wheeled war. As it seeks to obtain increased capital funding to put some distance between themselves and their nearest rival, Bird. With the total sum equalling over $500 million, with the money coming from multiple sources.
Life handing you Limes with $500 million
In its last round of funding in February, the scooter company was successful in raising over $132 million in funding. The funds have allowed the company to seek out a partnership with Segway for its next phase of scooter development. More than a month ago, the San Francisco Municipal Transportation Authority announced its permitting process for new scooter companies.
With Lime looking at obtaining a larger amount of investment, they’re definitely trying to put some distance between themselves and their rivals.