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Big Test for VC-Fueled Bike-Share Startup LimeBike

In the race to build a U.S. bike-share business, LimeBike is pedaling faster than anyone else. The one-year-old startup is trying to raise tens of millions of dollars in new capital, on top of $62 million already raised, with extravagant statements about how fast it can grow.

One question is whether there is enough of a bike culture in the U.S. for LimeBike to fulfil the expectations it is creating. Another is whether local governments will make way for its potential growth spurt.

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So far, LimeBike’s strategy appears to be putting it ahead in the U.S. from a revenue perspective. LimeBike took in about 55% of the money that was processed by LimeBike, Spin, Ofo and Mobike in December, according to a sample of credit card transactions processed by the analytics firm TXN Solutions.

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“We’re constantly talking to investors. As you know, it’s a capital-intensive business.”