Lime raises another $310 million, bringing its valuation to $2.4 billion

Confirming rumors that have been swirling for some time, on-demand electric scooter and bike startup Lime today announced that it has closed a $310 million series D financing round led by Andreessen Horowitz, Bain Capital Ventures, Fidelity Investments, GV, and IVP. It values the company at a whopping $2.4 billion — double the previous valuation of $1.1 billion.

Existing investors Alphabet, Coatue, Fifth Wall, GGV Capital, Singapore’s GIC, and others participated, along with several new investors including GSV Capital, FJ Labs, Bling Capital, Europe’s GR Capital, and St. Augustine Partners. CEO Toby Sun said the funding will be used to expand Lime’s service into new markets, enhance its technology, grow its team, and pilot “new opportunities.”