*By Jacqueline Corba* Lime is bringing its dockless bike-share fleet to New York City, but it'll have to prove itself far-off Broadway before it gets a chance to bask in the spotlight of Manhattan. Since its launch barely a year ago, Lime's dockless bikes and scooters have been an enormous success on the West Coast, starting with its first metropolitan market in Seattle. The company is now serving 70 markets across the United States and Europe. But until now, New York City riders had to content themselves with the ubiquitous Citi Bike program. Lime will initially roll out in the outer boroughs. But Lime's Vice President of Marketing, Business Development, and International Expansion Caen Contee said the company's expansion deeper into the city isn't so far off. "We're not talking about months, we're not talking about a massive amount of time to really see the impact in these areas," Contee told Cheddar Friday. "We think that will show what we need as we continue to prove the ability to move into other parts of New York." Lime will roll-out 200 bikes in the Rockaways and the North Shore. It is one of five start-ups selected for the [pilot program](http://www.nyc.gov/html/dot/html/pr2018/pr18-039.shtml) in partnership with the Department of Transportation. But New York isn't Seattle, and a natural question for Lime is how it'll overcome the rampant theft of bikes that has plagued the [concrete jungle of Manhattan] (https://nypost.com/2018/05/16/nypd-busts-alleged-citi-bike-thief-with-loaded-gun/) for decades. Contee says Lime has only see less than 1% of theft or vandalism across its entire fleet. Technology such as accelerometer sensors, and GPS enables the team to act fast to prevent theft. The San Mateo based start-up has raised $132 Million in funding to date, with more capital on the way. Alphabet is joining a $300 million financing round in Lime, according to the [Financial Times.] (https://www.ft.com/content/821f4410-7bf4-11e8-bc55-50daf11b720d) Contee said Lime remains in a capital intensive mode, but did not confirm the reports of Alphabet funding. "It's a lot about building for the long term, which is part of what we've done from day one," said Contee. For the full segment, [click here.](https://cheddar.com/videos/scooter-wars-heat-up-why-lime-thinks-its-poised-to-win)

Share:
More In Business
Is U.S. Restaurants’ Breakfast Boom Contributing to High Egg Prices?
It’s a chicken-and-egg problem: Restaurants are struggling with record-high U.S. egg prices, but their omelets, scrambles and huevos rancheros may be part of the problem. Breakfast is booming at U.S. eateries. First Watch, a restaurant chain that serves breakfast, brunch and lunch, nearly quadrupled its locations over the past decade to 570. Fast-food chains like Starbucks and Wendy's added more egg-filled breakfast items. In normal times, egg producers could meet the demand. But a bird flu outbreak that has forced them to slaughter their flocks is making supplies scarcer and pushing up prices. Some restaurants like Waffle House have added a surcharge to offset their costs.
Trump Administration Shutters Consumer Protection Agency
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down the agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. Russell Vought is the newly installed director of the Office of Management and Budget. Vought directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama created it following the 2007-2008 financial crisis.
Load More