Bird, an electric scooter-sharing startup, is raising $150 million in a funding round led by Sequoia Capital that will value the company at $1 billion, people familiar with the matter said. This is the first batch of money in this new round, and the company plans to raise more, said one of the people, who asked to remain anonymous while discussing the private transaction.
The funding comes as venture-backed startups, including Lime and Spin, race to raise money and to saturate U.S. city sidewalks with small electric scooters. The companies allow users to download an app to unlock the scooters and ride them for a small fee.
It’s a business that is poised to be fiercely competitive and costly to grow. Both major U.S. ride-hailing companies could enter the fray. Uber Technologies Inc. purchased electric bike company Jump in April. “If the unit economics and the technology is there, our appetite to invest is infinite,” Uber’s Chief Executive Officer Dara Khosrowshahi said earlier this month. Meanwhile, Lyft is reportedly eyeing the electric scooter business.
Now I’m beginning to wonder if any eScooter investors are reading posts here…
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