The E-scooter market keeps on giving
The electric scooter survived the pandemic and is stronger than ever. They went from being a fun novelty to a commuting necessity for some. Chances are you are an avid user. They are everywhere.
Today I wanted to dive into the business model. What justified the fast growth of these companies and how do they achieve success?
Where did it all start?
The year was 2017, the month September and the location Santa Monica. Enter Bird, the first electric scooter company to launch. In just one year, Bird announced it hit 10 million rides across over 100 cities and is currently valued upwards of $2 billion.
Lime, officially Neutron Holdings Inc., came up as the third entrant after Spin, which also got its beginnings as a bike-share company. In February 2018, Lime unveiled its take on electric scooters. Since then, Lime has spread both its bike and electric scooter business to over 100 cities in the U.S. and 40 international cities. That is an expansion to 20 countries outside the United States.
Lime has also partnered with Uber to offer Lime scooters within the Uber app.
Recently, Lime has been meeting with investors about a new round of funding that would value the company at 3.3billion$ as advanced by Bloomberg.
