Fleet Financing

Lime raises € 452.7 million in a mix of convertible debt and debt financing; plans to go public in 2022

California mobility startup Lime, announced that it has raised $ 523 million (around € 452.7 million) in a mix of convertible debt and debt financing to build a future where transportation is shared, affordable and carbon-free. .

The news follows the company’s recent introduction of a new monthly subscription called “Lime Prime”, now available in Lime markets around the world. With this development, the company says it will reward its frequent members.

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Investors in this round

The San Francisco-based company said the current round is being led by Abu Dhabi Growth Fund, Fidelity Management & Research, Uber and some funds managed by Highbridge Capital Management.

Lime will be released next year

Speaking on the development, Wayne Ting, CEO of Lime, said, “This oversubscribed funding round is a testament to the strong business we have built and the overwhelming trust we have received from the financial community.”

Ting also mentioned that the current ride secures the way to go public with Lime in 2022. It will also allow the company to overtake the latest generation of e-bikes and electric scooters, as well as additional modes, to ensure reliability for people. access to affordable, shared and carbon-free transport.

Ting told TechCrunch, “Companies usually do a convertible last round before they go public and investors bet the company goes public, and they want to participate in the round sooner because they get. a discount. And we certainly think that for you to know that the investment of over $ 400 million is a big step as we look to take Lime public next year.

Use of capital

Proceeds from this funding round will help Lime bring its Gen4 electric bikes and scooters to more cities around the world, as well as expand access to more communities that need sustainable transportation options.

Part of the funding will also be used to continue innovation to further decarbonize the company’s supply chain and to ensure that it always puts sustainable equipment on the road to help decarbonize transportation in cities. wider.

Lime’s net zero target in 2030

In a statement, Lime also announced that it will set aside $ 20 million from the current cycle for its 2030 net zero goal by advancing sustainable hardware initiatives and developing a low-carbon supply chain. The company aims to meet the goals of the Paris Climate Agreement to keep global temperatures 1.5 degrees Celsius above pre-industrial levels.

About Lime, Greg Najarian of UBS O’Connor says: “Micromobility continues to play an increasing role in cities, as regulators increasingly look for ways to reduce traffic congestion and reduce carbon emissions. Lime has secured valuable permits in major US and European cities, and we’re excited to support the world’s largest space operator. “

Last week, Wayne Ting announced in a blog post that the Science Based Targets Initiative endorsed the company-wide carbon target to be net zero by 2030 – it’s about a collaboration of the Carbon Disclosure Project, the United Nations Global Compact, WWF, and the World Resources Institute.

To meet these carbon targets, the company says it will reduce its Scope 1 and 2 emissions by 50% by 2030. For its Scope 3 emissions, Lime will ensure that 80% of the supply chain Emissions sourcing sets its own carbon targets. And, for other components of Scope 3 emissions, such as transport and distribution, the company will reduce the climate intensity per passenger-kilometer it supplies by 82%.

The target is independently validated and will be monitored annually by the Science Based Targets Initiative.

About lime

The company was founded by Brad Bao and Toby Sun and is currently headed by CEO Wayne Ting. It aims to provide a sustainable solution to the first and last mile transportation problem by helping people get around their cities affordably and conveniently while eliminating their carbon footprint.

The company is partnering with cities to roll out electric bikes and scooters with GPS and self-triggering locks. In Europe, it serves more than 80 cities, including Paris, Berlin, London, Rome or Budapest.

In 2021, the company’s passengers surpassed 250 million trips – a record for micromobility – which allowed Lime to expand the total number of trips served well beyond other micromobility providers. Currently, it has a fleet of over 200,000 vehicles, the largest global fleet in the industry.

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