The likes of Google Ventures (GV), Alphabet and Uber have all invested in electric scooter sharing company Lime as the last-mile transportation rental market continues to heat up.
The total investments in the company’s funding round reached $335mn, providing the startup with the necessary financial backing to continue to expand globally and enhance its technological developments and products.
Further, the company’s operations will be bolstered through its new strategic partnership with Uber.
In addition to making a “sizeable investment” in Lime, the US ride hailing giant will be offering the firm’s service within the Uber app in the aim of providing its own customers a greater variety of transportation services.
“When we began our journey in 2017, the mission was clear: create an accessible and affordable micro-mobility solution to improve the way people experience first and last mile transportation,” said Lime Co-Founders Toby Sun and Brad Bao in an announcement.
“As we continue to push the boundaries of urban transportation, we’re thrilled to work with our new partners, along with our riders and cities, to bring the next chapter in this emerging narrative to life.”
The move comes shortly after Uber’s acquisition of electric bike sharing company Jump in April, whilst Lyft similarly purchased Motivate, the parent company of Citibike, last week.