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00:00:01
>> Bike sharing is hitting the US and the race is heating up with startups raising hundreds of millions of dollars. They're trying to duplicate the success from overseas without the problems. I'm Reuters Jane Anhi Lee here in the San Fransisco Bay area, trying out a Line Bike. It's one of the fastest growing US startups in bike sharing.
00:00:20
An idea that's been imported from China, where a bike sharing craze in the past two years has made bikes like this ubiquitous on the roads over there. You just get the app, scan, and go.>> In China, as dozens of startups competed, many struggled with theft, vandalism, and careless users who just dumped them.
00:00:38
Some went out of business, but not before contributing to photos of bike litter like these that grabbed global attention. Toby Son and Cane Conte are the co-founders of Line Bike. The company has so far raised $132 million from investors including top Silicon Valley VC and Reisen Horowitz.>> It's definitely tougher than it is in China, but I see it as a good thing.
00:01:02
>> The way that we've approached this always is how do we work in collaborate with the city? Ultimately it's creating long term programs. I think the difference is that you've seen things that are unsustainable in other markets.>> Line Bike is competing with two China bike sharing giants OFO and Mobike, that have already launched in the US OFO has raised over $2 billion and Mobike over a billion giving them a lot of firepower.
00:01:25
But Mobike says it's in only five cities so far, moving slowly by design to make sure it's sustainable in the long run. In some cases it's the cities that keep companies in low gear. San Francisco, for example, is a allowing only two bike share companies to operate One of them, Jump Bikes, got approval for a pilot program of only 250 electric bikes.
00:01:48
CEO Ryan Japesky says his company has an extra feature to make sure bikes don't get stolen or end up clogging sidewalks.>> So we know which user last used the bike. And so if there's anything that goes wrong, we can go to that last user and hold them accountable for that.
00:02:04
>> And cities across the US hoping to get more Americans out of their cars and on bikes. We'll be sure to watch these pilot programs and their bumps along the way.