Two private bike-share companies will likely soon have 1,000 shareable bikes on Seattle streets.

Earlier this year, the city folded Pronto, the money-losing bike-share system it owned. The Seattle Times reports that two big differences between the new bikes and Pronto are the new bikes have no stations where bikes must be picked up and returned and the bikes are privately owned and are receiving no government funding.

The companies - Spin and LimeBike - are based in the Bay Area and funded with millions of dollars of venture-capital money.

LimeBike has started smaller bike shares in South Bend, Indiana, and at the University of North Carolina, Greensboro. Spin did a trial launch in Austin, Texas, earlier this year, but Seattle would be its first permanent city.