The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: Lime's CEO on Going from Losing $3 on Every $1 to $90M in EBITDA | How Lime Built the Global Leader in Micromobility When Competitors Went Bust | Losing 90% of Revenues in COVID and The Uber Deal That Saved the Company with Wayne Ting
Wayne Ting
The biggest challenge was that the business was upside down at that point. Digging into the P&L of the business, I think we were losing $3 for every dollar of revenue. And the biggest thing was the hardware. The industry had taken personally used scooters and put it into a commercial space. And so these were not designed for commercial use at the time. This is six years ago.
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