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

Go deeper

The wreckage of summer

Illustration: Sarah Grillo/Axios

We usually think of Memorial Day as the start of the summer, with all of the fun and relaxation that goes with it — but this one is just going to remind us of all of the plans that have been ruined by the coronavirus.

Why it matters: If you thought it was stressful to be locked down during the spring, just wait until everyone realizes that all the traditional summer activities we've been looking forward to are largely off-limits this year.

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 5,410,228 — Total deaths: 345,105 — Total recoveries — 2,169,005Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 1,643,499 — Total deaths: 97,722 — Total recoveries: 366,736 — Total tested: 14,163,915Map.
  3. World: White House announces travel restrictions on Brazil, coronavirus hotspot in Southern Hemisphere Over 100 coronavirus cases in Germany tied to single day of church services — Boris Johnson backs top aide amid reports that he broke U.K. lockdown while exhibiting symptoms.
  4. Public health: Officials are urging Americans to wear masks headed into Memorial Day weekend Report finds "little evidence" coronavirus under control in most statesHurricanes, wildfires, the flu could strain COVID-19 response
  5. Economy: White House economic adviser Kevin Hassett says it's possible the unemployment rate could still be in double digits by November's election — Public employees brace for layoffs.
  6. Federal government: Trump attacks a Columbia University study that suggests earlier lockdown could have saved 36,000 American lives.
  7. What should I do? Hydroxychloroquine questions answeredTraveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Updated 5 hours ago - Politics & Policy

U.S. coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios. This graphic includes "probable deaths" that New York City began reporting on April 14.

The CDC is warning of potentially "aggressive rodent behavior" amid a rise in reports of rat activity in several areas, as the animals search further for food while Americans stay home more during the coronavirus pandemic.

By the numbers: More than 97,700 people have died from COVID-19 and over 1.6 million have tested positive in the U.S. Over 366,700 Americans have recovered and more than 14.1 million tests have been conducted.