Money Uber, Alphabet invest in bike sharing service Lime

03:55  10 july  2018
03:55  10 july  2018 Source:   reuters.com

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(Reuters) - Bike sharing service Lime said on Monday it raised 5 million from a group of investors including ride- sharing firm Uber Technologies Inc and Alphabet Inc . 8 Rules for Investing in Retirement.

The deal means Uber users will be able to rent Lime 's scooters via the car- sharing company's app. Earlier this year, Uber signalled its move into other forms of rentable city travel systems when it paid 0m to acquire Jump, which runs an electric bike hire service .

a green and yellow bicycle: California-based bike sharing startup LimeBike displays its bikes at a recently-launched pilot program in Burlingame.© REUTERS/Jane Lanhee Lee California-based bike sharing startup LimeBike displays its bikes at a recently-launched pilot program in Burlingame.

Bike sharing service Lime said on Monday it raised $335 million from a group of investors including ride-sharing firm Uber Technologies Inc and Alphabet Inc (GOOGL.O).

Uber will work with Lime as a strategic partner in the electric scooter space with the companies working to co-brand Lime's scooters and make the service available on the Uber app.

The investment round was led by GV, formerly Google Ventures, and the other new investors included IVP, Atomico and Fidelity Management and Research Company, Lime said in a blog post .

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Uber is also investing in Lime as part of a 5 million funding round led by Google parent company Alphabet 's venture capital arm GV that takes Lime into unicorn territory with a .1 Lyft last week bought Motivate, the firm behind CitiBike, and is rebranding the bike - sharing business as Lyft Bikes .

Lime first launched a dockless bike - share program in Aurora in October 2017, before bringing Lime said its service , which lets customers rent scooters scattered around cities and leave them on the Alphabet is investing both directly and through its GV fund. Alphabet is also an Uber investor , but

The latest investment round values California-based Lime at $1.1 billion, Bloomberg reported earlier on Monday.

Bird, Lime's rival in the electric scooter space, raised $300 million in June in a round led by Sequoia Capital, giving the company a $2 billion valuation.

Lime's existing investors, including Andreessen Horowitz and Singapore's GIC, also participated in the latest funding round.

Uber earlier this year agreed to buy electric bicycle service JUMP Bikes and was among the companies applying for a scooter permit in San Francisco in June.

Lime, which operates bike and scooter schemes in about 60 cities and university campuses in the United States, has launched operations in the German cities of Berlin and Frankfurt and in Zurich, Switzerland.

(Reporting by Ishita Chigilli Palli in Bengaluru; Editing by Sriraj Kalluvila)

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