Electric scooter startup Lime has raised $310m in its latest funding round, boosting its fast climbing valuation up to $2.4bn. The Series D round was led by Andreessen Horowitz, Bain Capital Ventures, Fidelity Investments, GV, and IVP.
The round of financing – which also included investment from Alphabet, Coatue, DCM, Fifth Wall, GGV Capital, GIC, and others – brings the total amount raised by Lime to over $750m since 2017. Lime aims to use the investment to help its expansion into new markets, enhance its technology, strengthen its team, and trial new opportunities. Furthermore, the company says it will continue to invest in rider safety and city collaboration.
According to Lime, it now has more than 10m people signed up to its service, who have taken over 34m trips between them, around the world.
Earlier this week, Lime announced the appointment of its first-ever chief marketing officer, picking up Duke Stump from Lululemon. Meanwhile, Lime’s head of engineering, Li Fan, was promoted to chief technology officer alongside her current responsibilities.
News of Lime’s latest round of funding almost coincides with an investigation from Consumer Reports revealing that there have been at least 1,500 electric scooter-related injuries in the US since late 2017.
The organisation’s findings came from it contacting 110 hospitals and five agencies in 47 cities where at least one of Lime or its rival Bird operates.