Electric scooter startup LimeBike Inc. will count both Alphabet Inc. and the former Google Ventures unit GV among its investors upon closing its latest round, according to a report published over the weekend.

The Financial Times, quoting people knowledgeable about the deal, said Alphabet’s direct investment will be “injecting a similar amount to that put in by GV,” which was previously reported to be leading the $300 million round June 5. The deal is said to value Lime at $1.1 billion.

Alphabet has invested directly into startups before, but rare given that GV has been Alphabet’s primary investment vehicle, along with another fund, Capital G, for investments in late-stage companies. The FT reported that “the two-pronged investment highlights the growing complexity in the way Alphabet is putting some of its excess cash to work in search of future growth.”

For Alphabet, investing directly into the rapidly growing on-demand electric scooter through Lime does sit well next to its transport investments such as Waymo LLC ,which is moving in the commercial ride-hailing via its self-driving cars. Alphabet also owns indirect stakes in Lyft Inc. and Uber Technologies Inc. through Capital G and GV, respectively.

An evolution of sorts from simple bike rental services, which Lime also provides, on-demand electric scooters are seen as a more attractive, environmentally friendly alternative for shorter trips than hailing a vehicle. Since opening its doors in July 2017, Lime has rapidly grown to service more than 50 markets in the U.S. and is in the process of expanding internationally starting with both Toronto and Paris.

The company is not without competition with Bird Rides Inc. also rapidly growing, having raised $300 million on a $2 billion valuation June 28.

Both companies, like bike-sharing services, before them face issues with local governments as users of both services do not have to return the electric scooters to a central point but simply leave them when they’ve finished their trip. This and a failure to register with the city resulted in both being banned from San Francisco, although a report June 26 noted that both were trying to find ways to return, including sweeteners such as offering cheaper rides to disadvantaged people.

Photo: Lime