Jun 5, 2018

Scoop: GV to lead $250 million round in scooter startup Lime

Lime electric scooters. Photo: Lime

Lime, a San Francisco-based bike and scooter-sharing startup, is raising around $250 million in new funding led by GV (formerly Google Ventures), Axios has learned.

Why it matters: E-scooter competition keeps heating up, with rivals like Lime and Bird believing that cash-grabs will translate into land-grabs.

  • The deal is not yet closed, which means the final size could change a bit. Existing backers like Coatue Management and Andreessen Horowitz are expected to participate.
  • Lime has told investors that its users have taken a total of 4.2 million rides, one million of which were between May 5 and May 27. One source says each Lime scooter is used, on average, between 8 and 12 times per day.
  • Axios previously reported that Lime was seeking to raise up to $500 million in a combination of equity and debt, but the latter is currently on hold. Expect it to come at some point later, likely in the form of equipment financing.
  • Rival Bird reportedly is raising $150 million in new funding to be led by Sequoia Capital, with a Delaware filing (provided by Axios by Lagniappe Labs) showing that it has authorized up to $200 million in Series C shares. If all sold, its valuation would top $1 billion.

Go deeper: How the scooter economy differs from the ride-hail economy

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Coronavirus spreads to more countries, and U.S. ups its case count

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus continues to spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 — while noting those are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the U.S. Meanwhile, Italy reported its first virus-related death on Friday.

The big picture: COVID-19 has now killed at least 2,359 people and infected more than 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel, Lebanon and Iran.

Go deeperArrowUpdated 11 hours ago - Health

Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.