The Stanford-StartX Fund-backed electric scooter and bike rental service has raised $335m in a GV-led round that also included Uber.

Lime, a US-based electric scooter rental service backed by the Stanford-StartX Fund, confirmed on Monday that it has raised $335m in a round led by GV, a corporate venturing vehicle for internet and technology conglomerate Alphabet.

GV was joined by its parent company as well as ride hailing platform Uber, financial services group Fidelity Management and Research, VC firms Institutional Venture Partners, Atomico, Andreessen Horowitz and Fifth Wall Ventures, investment firm Coatue Management and Singapore’s sovereign wealth fund, GIC.

Joe Kraus, a general partner at GV, is joining Lime’s board of directors in conjunction with the round, which values the company at $1.1bn according to a Wall Street Journal report last month. The round was initially rumoured to be $250m in size.

Founded in 2017 as LimeBike, Lime operates a service that enables users to rent e-scooters pedal bikes and electrically-assisted bicycles. It is available as a smartphone app but the company also accepts cash payments from customers without mobile devices.

Lime has a presence in cities spanning 18 US states, as well as five European cities and 18 US university campuses. It is aiming to grow by establishing partnerships not only with universities but also businesses that can offer the service as a flat-rate plan to employees as part of a benefits package.

The latest round boosted the company’s overall funding to $467m and follows a series B round that closed at $120m in February this year with a $70m investment by Fifth Wall, Rainbow Technology, Andreessen Horowitz, Decent Capital and NGP Capital, which counts communications technology provider Nokia as a backer.

Coatue Management had led the $50m first tranche in October 2017, investing with the Stanford-StartX Fund, Andreessen Horowitz, DCM Ventures, AME Cloud Ventures, Franklin Templeton Investments, GGV Capital, Section 32 and Durant Company.

Andreessen Horowitz had already led the company’s $12m series A round, which also featured IDG Capital and DCM, in March 2017.

The funding will be put toward international growth as well as the development and introduction of new technologies and the expansion of Lime’s infrastructure and headcount.

– This is an edited version of a Big Deal analysis that first appeared on our sister site, Global Corporate Venturing.