The Financial Times has stated that for the second time in its history, Google has invested in US start-up Lime which specialises in self-service electric scooters. After an initial investment of 350 million dollars, Alphabet is said to have recently injected USD 300 million into the company, whose overall value is now estimated at over 1 billion dollars.
Google parent company Alphabet is believed to have recently invested 300 million dollars (around 257 million euros) into a company by the name of Lime and its urban self-service electric scooter system. The Financial Times has confirmed that at a recent meeting, the US start-up launched in 2017 convinced the California-based tech giant to stump up further cash.
Total value of over a billion dollars
As indicated by French website Numerama, this is the second round of financing that Lime has received from the same source, after pocketing 350 million dollars from Google Ventures – a venture capital fund set up in conjunction with another US fund, Andreessen Horowitz.
When all of the financial injections are taken into account, the scooter experts are currently sitting on a capital of 1.1 billion dollars, or 944 million euros.
New service recently implemented in Paris
The start-up’s electric forms of transport are currently all the rage, having come onto the market in the USA last year and now available in Paris since the end of June. While other players in the soft mobility sector have encountered difficulties in establishing themselves as well as with functioning and development, in particular with bicycles, Lime has up until now been spared.
Nevertheless, as was the case with other self-service scooter operators using GPS systems and an app, the company did suffer a few teething troubles when the mini-vehicles were installed in San Francisco last March. The one-dollar charge for the shortest of journeys which also helps to protect the environment failed to garner much popularity with many of the locals, who complained to the authorities about how dangerous some of the users were.
Alphabet and Google ramping up investment in the mobility sector
Despite this, Alphabet has not scaled back on its investments, be they in alternative transports such as scooters or four-wheeled solutions. In 2013, Google implemented a financial mechanism which enabled it to pump 258 million dollars (221 million euros) into Uber’s accounts, while at the same time, Mountain View also invested in Lyft, which is another on-demand transportation platform.
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