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LimeBike Raises $50M in Series B to Take on Sharing Bike Market

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LimeBike, Shortly after its debut with a $12 million seed round, the San Mateo based bicycle-sharing company has raised $50 million in series B so that they carry on with expanding the operation throughout. The venture has been looking for various techniques to distinguish itself from the two significant oppositions in the market, Ofo and Mobike.

LimeBike offers citrus colors bikes that can be parked and picked up from anywhere, which eradicates the necessity of docking stations. LimeBikers use the LimeBike mobile app (available on both iOS as well as Android) to situate their dockless bicycles and unbolt it by either scanning the QR code or inputting a unique bike license plate number.

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(image source: Bike Rumor)

Putting a floating bike-share service into action cannot be done stealth manner. CEO Toby Sun stated that “Riders can leave bikes at any designated areas on sidewalks and nearby bike racks, not blocking pedestrian right-of-way. The better approach is to be a good long-term partner. It certainly adds intricacy to the operation to have slightly different rules or bear with the different requirements for different locations, but governments and companies will remember this convenient accommodation.”

Sun wants LimeBikes to operate in at least 30 locations in near future so that station-based bikes are surpassed. The company will also sponsor the R&D which is required to keep up with the competitors and the market resident operations departments.

LimeBike rides cost 1 dollar for 30 minutes or fifty cents for students. From the time of its launch in March, the start-up claims to have logged over half a million trips and counts 250,000 registered users. As per Toby, currently, 10,000 bikes are in operation over 12 cities and on eight university campuses across the U.S.