When Bird launched its electric scooter rental business in Los Angeles last year, investors believed it cou–ld be the biggest transportation start-up since Uber.
But after Bird’s valuation skyrocketed to $2bn this summer, the company and its backers are discovering another similarity to Uber: local copycats.
Start-ups in Europe and Latin America are raising tens of millions of dollars — sometimes with little to no experience running a transportation business — in the hopes of beating their overseas rivals to market.
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