LimeBike announced Wednesday that it has raised $12 million in funding led by Andreessen Horowitz, with participation from IDG, DCM, Seven Seas, and others.
Andreessen Horowitz's General Partner Jeff Jordan is joining LimeBike's Board of Directors.
In order to use a Lime bike, a person has to download the app to find a bike nearby in cities and campuses where LimeBike is operating. After finding a bike, he can either scan the QR code or enter the bike's plate number into the app to unlock the bike. After using the bike he can park the bike by a bike rack or post and press the back wheel lock down to finalize trip.
The company only charges about $1 for every 30 minutes of riding.
Unlike other major bike sharing networks, LimeBike users are not required to return the bikes to any fixed docking stations. They are only need to park bikes in designated parking spots, which will make bikes more accessible and affordable. This dockless network will both save time and hassle of having to return bikes to a docking station.
"Bike networks will hit a tipping point when we make bicycles widely available and universally affordable," says Toby Sun, CEO and Co-Founder of LimeBike. "When we begin to have bikes within a couple of blocks and only pay a small amount to access them, we can turn the bicycle into a mass transportation network and redesign our cities for people instead of cars."
LimeBike has designed its bicycles with GPS and 3G-connectivity; foam core tires; a large metal basket for carrying cargo; an on-board solar panel and smart lock.
by RTTNews Staff Writer
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