Lime picks up $ 523 million as he prepares to go public
Urban mobility company Lime has raised $ 523 million in a bid to ramp up production of its new line of electric scooters and e-bikes, all for release next year, Reuters reported on Friday. November 5.
Lime said the funds came from convertible and term loans, including capital from Uber, which started investing in the San Francisco company last year. Lime CEO Wayne Ting told Reuters the round was “significantly oversubscribed.”
âI think it’s a recognition that Lime is now the clear leader in this space,â Ting said. “This is a real milestone that shows investor confidence that Lime will go public, and we will use this as a launching pad to go public next year.”
According to Ting, Lime expects to be listed in the summer of 2022, depending on market conditions. The CEO says he is “agnostic” about whether Lime will go public via a traditional initial public offering (IPO) or try to merge with a special purpose acquisition company (SPAC).
As Reuters notes, another eScooter company – Santa Monica-based Bird – goes public via a $ 2.3 billion SPAC by merging with Switchback II Corp.
Bird added shared e-bikes to its fleet of vehicles with the Bird Bike, a shared smart vehicle, earlier this year.
Read more: Bird expands e-bike fleet and launches smart vehicle
As for Lime, the company says this latest funding will help evolve its âGen4â eScooters and e-bikes that include âswept handlebars for a more comfortable ride,â more reflectors to provide increased visibility to the rider and an exchangeable battery. between the two vehicles.
Also see: Lime and Moovit Announce Global Partnership for Micromobility
In July, Lime announced a partnership with city mobility service provider Moovit that integrated Lime’s vehicle fleet into the Moovit App in 117 cities across 20 countries, including the United States, South Africa and parts of Europe and Australia.
The integration was designed to “encourage riders to make multimodal car-free journeys by allowing Moovit users to integrate Lime scooters, bikes or mopeds as part of their commute,” the two companies told the time.