Urban mobility company Lime said on Friday it had raised $523 million from investors to scale up production of its latest e-scooters and e-bikes, and its top executive said the startup is aiming for a stock market listing in 2022.
The San Francisco-based company said the money it had raised from convertible debt and term loan financing included fresh capital from ride-hailing company Uber (UBER.N), which became an investor in 2020. The funding round was “significantly oversubscribed,” Lime Chief Executive Officer Wayne Ting told Reuters.
“I think it’s a recognition that Lime is now the undisputed leader in this space,” Ting said. “It’s a real milestone that shows investor confidence that Lime will be going public and we’ll use this as a launching pad to go public next year.”
Ting told Reuters that depending on market conditions, he was hoping for a listing in the summer of 2022. However, he said he was “agnostic” as to whether the company will pursue a more traditional initial public share offering (IPO) or opt for a listing via a merger with a special purpose acquisition company (SPAC).
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Lime said its latest funds would go to scaling up its “Gen4” e-scooters and e-bikes that include “swept handlebars for a more comfortable ride,” additional reflectors to improve rider visibility, and a swappable battery between both vehicles.
This year, Lime has launched operations in 80 new cities, bringing its global total to more than 200.
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