Neutron Holdings

Market position

Described as the world's largest shared electric vehicle company and, by total trips, the largest shared micromobility operator globally, with more than 250 million cumulative rides announced in 2021. It was named to LinkedIn's Top Startups 2019 list (No. 12 of 50) and to Time magazine's 2021 Time100 Most Influential Companies list.

The service is fully dockless, with vehicles located and unlocked via GPS and QR codes rather than fixed stations, and spans multiple vehicle types — e-scooters, e-bikes and mopeds — under one app. Scale is a differentiator: the company positions itself as the largest shared micromobility operator by total trips, and its 2020 absorption of Uber's Jump business consolidated its position in the sector.

Technology

Fleets of GPS-tracked dockless electric bicycles, scooters and mopeds are paired with a rider app that displays nearby vehicles, handles QR-code unlocking, in-app trip completion, payment and photo-based parking verification and fault reporting. Vehicle hardware has been iterated for durability, including a 2018 scooter generation with larger wheels, built-in suspension and an aluminum frame, and the company has explored small self-driving electric transit pods.

Go-to-market

The company enters markets by deploying dockless fleets in individual cities, frequently through municipal permits, pilot programs and regulator-approved trials, supported by a consumer smartphone app. Distribution has also come through partnerships, such as an August 2018 deal to supply electric bikes to Uber for its Uber Bikes service, and through the 2020 absorption of Uber's Jump e-bike and scooter business.

Urban and campus riders taking short-distance trips in cities and municipalities across five continents.

Geography

Operations span Asia, Europe, the Middle East, North America, Oceania and South America. Reported city coverage has ranged from more than 150 cities across more than 30 countries as of March 2022 to more than 280 cities in nearly 30 countries on five continents, with 230 cities cited at the time of the IPO filing. The UK business operates under Department for Transport trials, including Greater Manchester, Milton Keynes and a London trial begun in June 2021 alongside Dott and TIER Mobility; Lime also runs scooters and bikes in selected Australian cities.

History

Founded in January 2017 in San Francisco as LimeBike by Brad Bao and Toby Sun, both previously executives at the venture capital arm of Fosun International, the company raised roughly $12 million led by Andreessen Horowitz in March 2017 and closed a Series B in October 2017 at a $225 million valuation. A $335 million round in 2018 brought a $1.1 billion valuation. Toby Sun stepped down as CEO in May 2019 and was succeeded by co-founder Brad Bao. In January 2020 the company laid off about 100 employees, roughly 14% of staff, and exited a dozen scooter markets including Atlanta, Phoenix, San Diego and San Antonio; further layoffs followed in April 2020 amid COVID-19, and services were suspended in nearly two dozen countries from March 2020. In April 2020 it was reported to have acquired assets of electric skateboard maker Boosted. In May 2020 Lime acquired Uber's Jump e-bike and scooter business alongside a $170 million round led by Uber, valuing the company at $510 million, and Wayne Ting replaced Brad Bao as CEO. A $523 million oversubscribed round closed in November 2021 with a stated intention to go public in 2022. The company filed for an IPO in May 2026 and completed it, listing on Nasdaq as LIME.

Risks & controversies

The company carried approximately $846 million of debt due within 12 months at the time of its IPO filing, with going-concern disclosures reported in that filing, and its new revolving credit facility imposes leverage and fixed-charge coverage covenants effective from the quarter ending September 30, 2026. Demand shocks have hit the business before: COVID-19 forced suspension of operations in 99% of markets, prompting layoffs in January and April 2020 and market exits, and the May 2020 financing valued the company at $510 million, down 79% from a $2.4 billion valuation in April 2019. Regulatory exposure is material — e-scooter use outside approved trials remains illegal in public in the UK — and vehicle vandalism has driven hardware redesigns.