Third Lane Mobility Raises $20M to Deploy 35,000 E-Bikes and E-Scooters Post-Bankruptcy
January 22, 2026 did not arrive with fireworks. It arrived with something louder. Third Lane Mobility Inc., the parent of Bird and Spin, quietly confirmed a $20 million capital raise from existing investors, the first tranche of what is expected to be a broader 2026 financing plan. No hype lap. No victory parade. Just capital moving with intent, like traffic that finally learned the timing of the lights.
Third Lane Mobility was formed in April 2024, rising out of Bird’s Chapter 11 restructuring and pulling Bird and Spin under one private roof while keeping their brands separate on the street. Bird, founded in 2017 by Travis VanderZanden, once moved faster than regulation, gravity, and common sense. Spin, founded in 2016 by Derrick Ko, Euwyn Poon, and Zaizhuang Cheng, took a more measured path, cycling through Ford, TIER, and finally landing inside Bird’s orbit in 2023. The reorganization was not cosmetic. Operating costs were cut by two thirds. The balance sheet exhaled.
The $20 million is earmarked for the spring 2026 deployment of roughly 35,000 new e bikes and e scooters across Atlanta, Los Angeles, Nashville, Baltimore, San Francisco, Seattle, Tel Aviv, Rome, and additional markets. Third Lane is not the fast lane or the slow lane. It is the lane that actually moves. The one cities can live with and riders can rely on when the first two lanes are blocked by politics or potholes.
Under the leadership of Stewart Lyons and Michael Washinushi, the company posted something that once felt fictional in this category. Profit. Fiscal 2024 closed with $204 million in gross bookings, $19.2 million in adjusted EBITDA, 35 million rides, and positive free cash flow. E bikes averaged more than 3.9 trips per vehicle per day. That is not a slide deck metric. That is rubber on asphalt, again and again.
The appointment of Gabe Klein as Chair of the Transportation Advisory Board in January 2026 signaled the cultural shift cities had been waiting to see. Klein brings federal, municipal, and private sector credibility to a business that learned the hard way that permission matters as much as product. The posture now is collaboration, not confrontation, with Bird and Spin showing up as infrastructure partners rather than uninvited guests.
Micromobility has always promised freedom. What Third Lane Mobility is selling now is reliability, discipline, and the confidence that this lane stays open when others shut down, and the road ahead feels active, not settled, inviting anyone watching closely to decide how they want to move next.