Transportation Startup LimeBike Secures $50 Million

LimeBike announced the close of $50 million in Series B financing led by Coatue Management. Franklin Templeton, GGV Capital, Section 32, AME Cloud Ventures, StartX, Durant Company, Andreessen Horowitz, and DCM Ventures also participated.

LimeBike aims to revolutionize mobility in cities and campuses by empowering residents with cleaner, more efficient, and affordable transportation options that improve urban sustainability. By systematically deploying thousands of smart bikes enabled with GPS, wireless technology, and self-locks, its mission is to improve urban mobility by making the first and last mile faster, cheaper, and healthier.

The new funds are earmarked to expand operations, support ongoing upgrades to both the bike design and mobile app, and grow the current deployed fleet to ten times its size toward the end of 2017.