LimeBike, the dockless bike sharing service, has announced it has raised $50 million in Series B funding to speed the rollout of its programs into 30+ cities and campuses across the U.S. by year-end.

LimeBike is now the largest dockless bikeshare operator in the U.S., with approximately 10,000 bikes deployed, and available in 20 markets total (twelve cities and eight university campuses). LimeBike always seeks to partner closely with cities, colleges and businesses to provide dockless, subsidy-free bike share services and promote urban mobility for residents and visitors.

Rides cost one dollar for 30 minutes or fifty cents for students. Since launch four months ago, the company has achieved nearly five times growth in rides and revenue on an average monthly basis with the number of riders increasing by more than fivefold. The company has logged over half a million trips, 250K registered users, and is growing 50 percent week over week on average.

“Bike sharing is shaping the future of transportation,” said Toby Sun, LimeBike CEO and co-founder (pictured above, right). “We’re passionate about solving the challenges of the first and last mile and we believe that better understanding the migration patterns of commuters can eventually help us to create efficiencies in urban mobility and cut down on carbon emissions in our cities.”

“We believe dockless, connected bikes have the potential to revolutionize the first and last mile of transportation,” said Jeff Jordan, general partner, Andreessen Horowitz and LimeBike board member. “LimeBike is making strong progress in leading this shift. The team is passionate, understands the wide-ranging needs of the US market, and is committed to collaborating with cities across the country to complete their public transportation system.”