E-scooter startup Lime raises $523 mln, eyes going public in 2022

REUTERS/Wolfgang Rattay Nov 5 (Reuters) - 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 funding round was "significantly oversubscribed," Lime Chief Executive Officer Wayne Ting told Reuters. Santa Monica-based electric scooter rental company Bird is merging with Switchback II Corp , a SPAC, and will start trading on the New York Stock Exchange on Friday under the ticker symbol "BRDS" in a deal valuing the scooter startup at $2.3 billion. read more Lime said its latest funds will 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. The scooter rental business is expected to undergo further consolidation as larger operators seek greater scale to handle tougher regulations from cities.