Back in March, LimeBike successfully raised $12 million in Series A fundraising - money that helped propel our dockless bike sharing startup into 20 US markets in just six months. Today, I’m thrilled to announce the next step in our ongoing mission to revolutionize first and list mile transportation across the United States.

Led by Coatue Management, LimeBike has successfully completed a $50 million Series B round.Other new investors joining this round include GGV Capital, Franklin Templeton Investments, Section 32, AME Cloud Ventures, Stanford-StartX Fund and Kevin Durant. Previous investors, including Andreessen Horowitz and DCM Ventures, also participated in the round.

This is an important milestone for all of us. Not only does it allow LimeBike to advance our goal of operating in over 30 cities and colleges by 2018, but it solidifies our role as the leader in US dockless bike sharing technology. With the additional funds, our fleet of 10,000 bikes will increase tenfold by year’s end, along with significant upgrades to our operations, bike design, and mobile apps.

At LimeBike, we believe that bike sharing is shaping the future of transportation. We’re passionate about solving the unique challenges of the first and last mile, and believe that by better understanding the migration patterns of commuters we can create efficiencies in urban mobility and cut down on carbon emissions in our cities.

And in this effort, thankfully, we are not alone.

“We believe dockless, connected bikes have the potential to revolutionize the first and last mile of transportation. LimeBike is making strong progress in leading this shift. The team is passionate, understands the wide-ranging needs of the US market, and is committed to collaborating with cities across the country to complete their public transportation system."

Jeff Jordan, General Partner - Andreessen Horowitz

“LimeBike provides an affordable, frictionless experience for anyone with a smartphone to get to their destination faster. The speed of LimeBike's growth is phenomenal, and DCM Ventures is excited to continue backing this exceptional management team."

Kyle Lui, DCM Ventures.

With your support, and the financial support of our partners, I have no doubt that LimeBike will continue to bring healthy, sustainable, and affordable transportation to a growing number of cities and universities across the United States.

“We have known co-founders Toby and Brad for more than four years, and together have seen the popularity of bike sharing explode in China. We are an early investor in this space there, and also have a sizable portfolio in ecommerce and online services here in the US. We believe Limebike has built the strongest team, and has the best approach, to play a critical role in the public transportation sector in the US and Europe. We know bike sharing could delight consumers with the highest frequency of daily transportation services, enhance the ease to get around their respective cities, and serve as an entry point to other e-services.”

Hans Tung, Managing Partner - GGV Capital

And I speak for everyone on our team when I say, we’re looking forward to the ride.

Toby SunCo-Founder and CEO