California-based mobility startup Lime has announced a $ 50M (approx €41.36M) investment in e-bikes, including new and improved hardware and plans to expand service to an additional 25 cities this year.
The new investment comes a month after the company announced its plans to add electric mopeds to its platform, with an aim to serve longer-distance trips between two-to-five miles.
Use of the funds
This new e-bikes model will be launched this summer. “We’re focused on expanding globally, and aim to launch in new cities primarily in Europe and North America, with a handful in Australia and New Zealand as well,” says the company in a statement.
The interoperability of the battery is a game-changer for the micromobility industry, according to the company. “It means we’ll be able to streamline operations across vehicle types and reduce the frequency of charging and rebalancing vehicles, meaning more fully-charged vehicles on the street when you need them.”
The latest generation e-bike has a swappable battery, which is interchangeable with Lime’s Gen4 scooter. Additional upgrades to the e-bike include:
- Increased motor power to help riders easily climb hills
- A phone holder for easy navigation
- A new handlebar display that aligns with Lime’s scooters for a standardised display across vehicle types
- An automatic two-speed transmission that eliminates the prior generation’s gears for an easier and smoother ride
“As we build out the Lime platform to serve any trip under five miles, e-bikes are a key piece of the puzzle, providing a perfect option for medium-length trips,” says Wayne Ting, CEO of Lime.
He further adds, “That’s why we’re making substantial investments to upgrade our world-class e-bike and bring it to more cities across the globe, giving riders a new and exciting way to leave the car behind. Shared micromobility is playing an essential role in getting cities moving again safely so we see this as a critical moment to double down on e-bikes as an open-air, socially-distanced transportation option.”
Partnership with the League of American Bicyclists
Besides the hardware upgrade and the funding, the company has also announced its partnership with the League of American Bicyclists, one of the country’s preeminent bike safety and advocacy organisations.
The partnership includes an education campaign for riders on safe cycling and scooting practices. The company will be creating graphics with reminders and tips about safe riding and parking. “We’re also planning to work with the League of American Bicyclists to leverage local bicycle clubs and our hundreds of thousands of riders across the country to advocate for federal, state, and local funding and action to create healthier, safer streets for micromobility travel.”
Carbon negative by 2025, net zero by 2030
Last year, the company partnered with the WWF to launch its Ride Green initiative to create more liveable, pollution-free cities. As part of this collaboration, Lime has committed to reaching carbon negative by 2025 and net-zero by 2030 as well as setting a science-based carbon emissions target to hold itself accountable.
The company is, therefore, taking a number of steps to reduce its carbon impacts, including:
1. Transforming its local operations to rely only on zero-emission vehicles and e-cargo bikes in Europe by 2021, and globally by 2023.
2. Building its scooters using 90 per cent recycled or low-carbon materials by 202.
3. Continuing to purchase local renewable energy near the cities it serves.
4. Continuing to assess its supply chain to find improvements and efficiencies around sustainability.
Founded by Brad Bao and Toby Sun, Lime aims to provide a sustainable solution to the first and last-mile transportation problem by helping people move around their cities in an affordable and convenient way while eliminating their carbon footprint.
The company partners with cities to deploy electric bikes and scooters enabled with GPS and self-activating locks. In Europe, it serves more than 60 cities, including Paris, Berlin, London, Rome, or Budapest.
Riders took more than three million rides through the platform last year and the company expects that number to grow this year as people return to work, school, social activities, and more after the vaccination.
“Since launching a new generation of e-bikes we acquired from JUMP in May of 2020, we’ve seen the addition of the e-bikes boost rides on our scooters in cities where both are available. In cities like Seattle, where e-scooters were added to an existing e-bike service, rides on both modes increased,” says the company.
In May 2020, the company had secured a whopping $ 170M (approx €157M) in funding led by Uber as well as participation from Google’s Alphabet, GV, Bain Capital Ventures, and other new and existing investors. The funds helped Lime to acquire Uber’s bike and scooter service – JUMP’s business operations, and expand its mobile app integration with Uber. Besides, Lime also promoted Wayne Ting as its new CEO.
Prior to that, in 2018, Lime secured $ 335M (approx €277.7M) in funding from Uber and Alphabet, among others.
I’m 18 years old and own a construction business. (Might not seem like a start up but trust me the way I’m doing things it is 😂) The brother of a client I am working for approached me yesterday and said he’s impressed with my Business and the skills I have as an entrepreneur.
He said he’d like to discuss investing in my company.
I told him the amount I’ve been trying to save to take my business to the next level is £150,000 He said that amount of money wouldn’t be a problem.
Note: he did not say he wants to invest in my company, just that he’d like to discuss it further in the future.
What I want to know is, should I accept investment even if I’m most likely going to have that money in the nearish future? It should take me a year or two to get that money the way my operations are now.
And my second question is, if I decide to invest, how would I go about discussions etc. and what is the protocol?
What could I do to make receiving the investment more likely if discussions are to occur shortly?
Note: he does not know that I am 18, and I look around 23-24, so I don’t know if that would affect anything in the future.
Any help would be appreciated.
Thanks for your reply. In advance.
Today Hiro Capital, a VC focused on backing innovators in video games, the metaverse, e-sports and digital fitness, has announced investing around €12.3 million into two European-based, and one US-based, game studios. On the European side, the two startups are Stockholm/Berlin-based Snowprint and Belgian startup Happy Volcano, with the US-based startup being Double Loop Games in San Francisco….
The post European gaming studios Happy Volcano and Snowprint nab millions of investment from Hiro Capital first appeared on EU-Startups.
London-based Hiro Capital is an entrepreneur-led Venture Capital fund focused on sectors such as video games, the metaverse, esports, and digital fitness. The fund has, today, announced that it has invested $ 15M (approx €12.34M) into three creative games studios – Snowprint in Stockholm/Berlin, Double Loop Games in San Francisco and Happy Volcano in Belgium
About Hiro Capital
Hiro Capital is a technology venture capital fund that invests in the UK, US, and European innovators in games, metaverse technology, esports, and digital fitness. It usually invests at the post-seed Series A and B stages.
“We invest both in front-end content creators in games, esports and digital sports, and in deep tech metaverse applications of cloud, mobile, streaming, big data, AI, wearables, AR, and VR technologies. We back experienced entrepreneurial teams, building innovative technologies and content with a strongly differentiated proposition and with the scaling opportunity to become very large,” the company mentions in a statement.
The VC funds believe that games, esports, and digital sports will be a central pillar of entertainment, economic, and social life in the mid 21st century.
“The addition of these three exciting Games studios brings our total investments to 11, with more deals to be announced soon,” says Cherry Freeman, co-founding Partner at Hiro Capital.
The portfolio of Hiro Capital also includes Flavourworks, Polyarc, Lightfox, LIV.tv, Edgegap, Fix XR, and Nurvv.
How will the firms use the funds?
All three video game studios will use Hiro’s investment to expand their development pipelines and accelerate global growth.
Ian Livingstone, a co-founding partner at Hiro Capital says, “Each studio has demonstrated innovation and expertise in developing fun-to-play games which resonate with today’s audiences. I’m especially pleased that one of the studios came through our first Dark Star event for emerging indies looking to scale their businesses. If only venture capital had been interested in the games sector back in the 1970s, I might not have had to sleep in a van during the early days of Games Workshop!”
The Stockholm-based company was founded in 2015 and is led by industry veterans Alexander Ekvall and Patrik Lindegren, each formerly of King; John Hargelid, formerly of Paradox Interactive; and Wilhelm Osterberg, formerly of Wooga.
Snowprint Studios operates their debut mobile title Legend of Solgard and is now also working on three new mobile projects, including Rivengard, a turn-based tactics game that launched globally on 21st January 2021, as well as an undisclosed AAA mobile IP coming soon out of its Berlin studio.
Alexander Ekvall says, “The team has a deep understanding of building successful games companies and this is reflected in the support they provide. The backing from Hiro means we are better equipped than ever to execute on our mission to deliver genre-defining experiences.”
Double Loop Games
San Francisco-based Double Loop Games, founded in 2019, is a social mobile studio dedicated to making delightful, relaxing experiences for the biggest audience in games. The team’s leaders are industry veterans Emily Greer, co-founder of Kongregate; and Shelby Moledina, formerly of Warner Bros., Interactive Entertainment, and DeNA.
The company is working on its debut game, and will soon launch its social mobile title, made for players who don’t think of themselves as gamers.
Belgium-based Happy Volcano was founded in 2015 by David Prinsmel, Jeroen Janssen, and Peter Maasen. The company has released the critically acclaimed narrative exploration game The Almost Gone and is currently working on a new soon-to-launch cross-platform game You Suck at Parking.
Hiro Capital’s future plan
Luke Alvarez, founding partner of Hiro Capital said, “Hiro was founded to invest in the super-sector of games, sports, and metaverse technologies. On every dimension, in every market, 2020/21 has been a story of strong growth – in users, sales, devices, stream views, and innovations. People fell in love, got married and graduated in games, and are coming out of lockdown stronger thanks to gamified wearables and VR fitness tech. As a VC, it is exciting to see our sector focus so emphatically confirmed. Finally, Hiro is a diverse team and so are these new studios, including our first female Games founders, Emily and Shelby (Double Loop Games).”
The venture capital is looking for more ambitious games entrepreneurs and will be launching the next Dark Star event for Games Studios in March 2021.
Dark Star 2.0 will give game studios looking for investment the chance to hear from Hiro Capital’s partners and portfolio entrepreneurs about how and why to position themselves for venture funding.
I know, dilution is expected and needed, but im trying to see what to look out for so that im not diluted disproportionately from other board members, and that my shares would still be worth something in the long term. I'd be going into a board that currently has around 4 members, and i still want to be involved a good amount in the business once VCs get involved.