Bike sharing service Lime said it has raised $335 million from a group of investors, including ride-sharing firm Uber Technologies Inc. and Google’s Alphabet Inc. on July 9.
Uber will work with Lime as a strategic partner in the electric scooter industry, with the companies working to co-brand Lime’s scooters and make the service available on the Uber app.
The investment round was led by GV, formerly Google Ventures, and the other new investors included IVP, Atomico and Fidelity Management and Research Company, Lime said in a blog post.
This latest investment round will value California-based Lime at $1.1 billion, Bloomberg reported earlier on Monday.
However, Bird Rides, Lime’s rival, raised $300 million in June in a round led by Sequoia Capital, giving the company a $2 billion value.
Uber earlier this year agreed to buy electric bicycle service JUMP Bikes and was among the companies applying for a scooter permit in San Francisco in June.
Lime, which operates bike and scooter services in about 60 cities and university campuses in the United States, has now launched operations in the German cities of Berlin and Frankfurt and in Zurich, Switzerland.