Lime raises $523M in funding ahead of 2022 IPO
Micromobility startup Neutron Holdings Inc. has raised $523 million in funding ahead of its 2022 IPO. $418 million out of the total capital was in the form of convertible debt from Abu Dhabi Growth Fund, Fidelity Management & Research Co, Uber Technologies, and Highbridge Capital Management. This convertible debt will transform into shares when the company, better known as Lime, goes public. The remaining $105 million portion was raised in the form of a senior secured term loan facility from investment firm UBS O’Connor.
Lime CEO Wayne Ting stated, “This oversubscribed round is a testament to the strong business we’ve built and the overwhelming confidence we’ve received from the financial community.” Ting added, “This investment secures our path to take Lime public in 2022 and will allow us to double down on our newest generation of e-bikes and e-scooters, as well as additional modes.”
Lime plans on using the capital raised to finance its plans to reach a net zero carbon footprint by 2030, expand its platform, and modernise its extensive fleet by upgrading to fourth-generation electric scooters.
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