The bold idea of creating electric vehicles (EV) was borne out of automotive geniuses and business magnates like Ferdinand Porsche, Henry Ford, and prolific inventor Nikola Tesla. Motor and battery-powered vehicles have been around for more than 100 years, and it is fascinating how the drive to innovate the vehicle remains the same today.
Different types of electric vehicles are gracing streets around the world, and one of the most popular EVs is the electric bicycle (E-Bike).
According to Navigant Research, E-Bikes are becoming more popular and now are defeating electric cars in terms of volume. The market research and consulting company says the sales of electronic bicycles are projected reach 360 million by the year 2023.
This gives hope to huge E-Bike companies like LimeBike, a bike-sharing company in San Mateo, California that recently launched the biggest fleet of electric-assist bikes in the United States.
The bike-sharing startup has once again stepped into the limelight when it launched about 500 Lime-E’s in Seattle. The launch that took place in the Emerald City will go down in history because the number of shared e-bikes outnumbered that of any other city in the U.S.
LimeBike aims to lessen the traffic congestions in Seattle. The goal makes the company not just a smart bicycle-sharing company, but also a smart mobility solution provider.
Toby Sun, the Co-Founder and CEO of LimeBike says, “Lime-E will provide Seattle with a fast, efficient, equitable source of first-and-last mile transportation at no cost to the city and minimal cost of riders.” He added, “We are constantly transforming and adapting our fleet to fit the needs of each market, and we’re excited to offer our electric assist bikes to Seattle first.”
All About Lime-E
The fleet of electric-assist bikes in Seattle is both easy-to-use and affordable. Using Lime-E’s will just cost riders $1 to unlock. Moreover, if they want to have an additional riding time, they will need to pay another $0.10 per minute.
Reports have suggested that the updated pricing of Lime-E makes it one of the most affordable modes of transportation.
The pace is also not going to be a problem for the riders because the smart bikes have a maximum speed of 14.8 MPH. It can stand the hustle and bustle of the streets.
LimeBike will not only settle in Seattle because they are also planning to roll out their product in other places such as the San Francisco Bay Area and Southern California.
Keeping the Fire Burning
Some companies are happy to take a rest while they are experiencing success, but not LimeBike. The smart bike-sharing startup is plotting another massive launch and this time it is on electric scooters.
People are now becoming fond of using E-Scooters because they are much more compact than the usual bikes, and way safer than longboards.
The California-based company still has not provided the exact date for their launch of the Lime-S, but they are making sure that it would be as exceptional as their Lime-E’s.
One of the reasons why LimeBike is entering the electric scooter market is to challenge their competitor, Spin. Just like LimeBike, Spin is also a bike-sharing startup that is getting its hands into scooter sharing.
Sun said, “This is an exciting and competitive landscape. What you are beginning to see is that some players in the bike-share industry will not make it because of a lack of funding and operational excellence.”
Top Investors and Competitors of LimeBike
Without help from investors, it will not be possible for LimeBike to advance with their venture. LimeBike has recently raised an additional $70 million, raising its total funding to $132 million. Firms such as GGV, Coatue, and the renowned, Andreessen Horowitz are backing the company.
Another company investing in LimeBike is Brendan Wallace, the Co-Founder, and Managing Partner of Fifth Wall. He said, “We’re interested in bike-sharing because it’s something real estate owners really want.”
In addition, the following companies are giving LimeBike a run for its money in the industry of bike sharing:
Spin – A bike-sharing startup company located in San Francisco, California. Euwyn Poon, Derrick Ko, and Zaizhuang Cheng are the founders of the company.
Ofo – The Beijing-based bike-sharing startup has an operation in over 10 million yellow-colored bikes in 20 countries. Dai Wei is the founder.
Motivate – A well-known New York-based company that runs bike-sharing systems. Jay Walder is the President and CEO.
LimeBike is a force to reckon with in the industry of smart bike sharing. The launch of the largest fleet of electric-assist bikes in Seattle is just the beginning of its success. This milestone from LimeBike will surely create a bold impact not just to its respective market but to the society as well.