Large investors are putting their weight behind bike and scooter startups, setting up what likely will be a years-long, multibillion-dollar fight over the future of urban transportation. (See chart.)
Funding is pouring into scooters and bikes far faster than in the early days of ride hailing. Two leading U.S. scooter startups, Lime and Bird, have raised $467 million and $415 million, respectively, in less than 18 months. It took Uber and Lyft more than three years to amass that amount of venture capital.