Lime, one of the startups filling sidewalks with electric scooters, is raising up to $500 million in new funding, possibly via a combination of equity and debt, Axios has learned from multiple sources.

Why it matters: With the recent scooter craze, rival startups like Lime, Bird, and Spin are seeking to build giant war chests.

More:

• Lime is still meeting with prospective investors, so the final round amount could vary.
• The debt piece may take the form of vehicle financing.
• Like rival Spin, Lime got its start with bike-sharing (traditional and electric), but has quickly shifted its attention to scooters.
• Lime raised $70 million in February, bringing its total funding to more than $130 million.

The story has been updated to clarify that Lime has both traditional and electric bikes.