The definitive story on Citi Bike 2.0
An excerpt
Alta is getting a major cash infusion — $30 million from Bikeshare Holdings LLC, which is led by Equinox CEO Harvey Spevak, Related CEO Jeff Blau, and investor Jonathan Schulhof. Citi has extended its initial $41 million, five-year sponsorship of NYC bike-share by promising an additional $70.5 million through 2024, contingent on system expansion. Goldman Sachs Urban Investment Group, which has already helped finance Citi Bike, is increasing its credit line to Alta by $15 million. The deal includes $5 million from thePartnership Fund for New York City, an investment fund backed by the city’s big business coalition, to expand Citi Bike to more neighborhoods.
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