HomeE-scooter startup Lime has raised $523 million and is looking to go public in 2022

E-scooter startup Lime has raised $523 million and is looking to go public in 2022

FILE PHOTO: A man rides an e-scooter from US transportation rental company Lime and operates bike, scooter and car-sharing systems, in Cologne, Germany, July 23, 2019. REUTERS/Wolfgang Ratte

(Reuters) – Urban mobility company Lime said on Friday it has raised $523 million from investors to expand production of its latest e-scooters and e-bikes, and its chief executive said the startup aims to list it on the stock market in 2022.

The San Francisco-based company said the money it raised from convertible debt and term loan financing included fresh capital from Uber, which became an investor in 2020. The funding round significantly oversubscribed, said Wayne, Lime CEO. Ting told Reuters.

“I think it’s recognition that Lyme is now the undisputed leader in this field,” Ting said. “It’s a real milestone that shows investor confidence that Lime will go public and we’ll use this as a launch pad for the IPO next year.”

Ting told Reuters that, depending on market conditions, he had hoped to list in the summer of 2022. He said he was “neutral” about whether the company would continue with a more traditional initial public share offering (IPO), or choose to list by merging with a purpose-built acquisition company. Private (SPAC).

Santa Monica-based electric scooter rental company Bird is merging with Switchback II Corp, a SPAC company, and will begin trading on the New York Stock Exchange on Friday under the ticker symbol “BRDS” in a deal that values ​​the scooter startup at $2.3 billion.

Lime said its latest money will go to expanding the range of Gen4 e-scooters and e-bikes that include “tilted handlebars for a more comfortable ride,” additional reflectors to improve driver visibility and a swappable battery between the two cars.

Lime launched operations in 80 new cities this year, bringing its global total to more than 200 cities.

The scooter rental business is expected to undergo further consolidation as larger operators seek to deal with stricter regulations from cities.

(Reporting by Nick Curry), Editing by Elaine Hardcastle