In dozens of cities around the world, you seemingly can’t walk a couple blocks without stumbling over an electric scooter. Startups are looking to cover sidewalks with two-wheeled vehicles for rent using an app. This prospect, it turns out, is very expensive.
Lime, one of the largest scooter-rental companies, expects to overcome this hurdle by dialing up the speed on a strategy it already employs: raising capital from investors. Lots of it. That responsibility will now largely fall to Ted Tobiason, a private capital dealmaker from Morgan Stanley. Lime plans to announce Thursday that Tobiason will leave his post as a managing director at the bank to become the startup’s chief financial officer.
