Micromobility provider Lime has closed on US$523m (£387m) of convertible debt and term loan financing to further scales its Gen4 e-bike and e-scooter.
The company raised approximately US$418m (£310m) of convertible debt led by Abu Dhabi Growth Fund, Fidelity Management & Research Company LLC, Uber, and funds managed by Highbridge Capital Management, LLC, with additional participation from existing and new investors.
This funding, along with a US$105m (£77m) senior secured term loan facility from the private credit group at UBS O’Connor, will allow Lime to continue to grow.
“This oversubscribed round is a testament to the strong business we’ve built and the overwhelming confidence we’ve received from the financial community,” said Lime, CEO, Wayne Ting.
“This investment will allow us to double down on our newest generation of e-bikes and e-scooters, as well as additional modes, to ensure people have reliable access to affordable, shared, carbon-free transportation.”
Last year, Lime announced a company-wide target to be carbon-free by 2030. US$20m (£14.8m) from this latest funding will go toward advancing sustainable hardware initiatives and developing a low carbon supply chain, all consistent with meeting the goals of the Paris Climate Accord.
Dara Khosrowshahi, CEO of Uber, added: “Through the scale of its fleet, the efficiency of its operations and its ability to work with cities, Lime continues to prove that it is the global leader in micromobility.
“Everyone at Uber has been impressed by Lime’s ability to consistently improve its balance sheet, and we’re confident that this leadership team has the vision and ability to take Lime to new heights, as cities and their residents increasingly rely on bikes and scooters for local travel.”