Motivate acquired by Lyft
The urban mobility space is absolutely on fire with recent transactions like Uber’s acquisition of JUMP Bikes, Bird’s $300M recent funding, and Lime’s recent $250M funding. Lyft is now making its foray into the market with its acquisition of Motivate, the company that operates Citi Bike in NYC and bike-sharing services in 7 other markets including SF, Chicago, Boston, and Minneapolis, controlling 80% of bike sharing in North America. Financial terms of the transaction were not disclosed but earlier it was estimated to be close to $250M. “How we get around cities is changing rapidly, and the combination of Lyft and Motivate will bring tremendous new resources and energy to making sure that bike-share plays a fundamental role in the new urban mobility,” said Motivate Executive Chairman Steve Koch. “Together, we believe that integrating our services in partnership with the public sector will transform the urban transportation landscape, increase bike ridership, and make our cities better.”
Investors in the acquired company: Undisclosed
Total funding raised: Undisclosed
Full coverage: Motivate, the Company Behind Citi Bike, Acquired by Lyft for a Rumored $250M
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