House of Lithium acquires micromobility startup Reby for $100m

House of Lithium acquires micromobility startup Reby for $100m

by Pranali Mehta

Canadian private equity firm, House of Lithium Ltd., has reportedly procured, Reby, a European micromobility startup, for $100 million.

House of Lithium, which focuses on investments in private as well as publicly listed businesses involved in the e-scooter, e-bikes, and other electric mobility value chain, was also a large shareholder in the startup.

The management team of the startup will continue handling operations along with the co-founder, Pep Gomez.

According to Reby, the company ended the year with a revenue of around $15 million and nearly $3 million in earnings before interest, tax, depreciation, and amortization (EBITDA).

The startup’s total funding raised comes to $17.9 million, with investors including EXOR, Fuel Capital, 14W Ventures, Day One Ventures, Hard Yaka, and Neo Fund, along with angels including Marcelo Gigliani, Managing Director at APAX Digital, Simon Rothman, founder of eBay Motors and Partner at Greylock, and Hugo Arevalo, co-founder of Bright & Sharp, Buytheface, and Albau Ventures.

Kevin Taylor, chairman of House of Lithium, stated that by combining Reby’s proven ride-sharing business model and leading IoT technology with its manufacturing, distribution, e-commerce, and retail assets, the firm will be able to create an end-to-end mobility platform and boost bottom-line results and top-line opportunities.

Reby also manufactures its own EVs, instead of sourcing scooters made in China, and only operates under exclusivity with city hall agreements. The startup also finances vehicle investment via asset-backed debt.

Gomez said that House of Lithium’s capital markets expertise and financial capacity offers a great partnership opportunity as well as the extra power the startup needed for continuing its growth.

He added that the startup will be focusing on infrastructure regulation as well as R&D development in public space and security occupations in order to venture into new and untapped markets.

Gomez is also the sole founder of Fever, an online platform for discovering local events and experiences. The entity has raised $298.8 million since it was founded in 2011 and enjoys backing from Accel Partners, Goldman Sachs, and Rakuten.

Source credit: https://techcrunch.com/2022/05/10/european-micromobility-startup-reby-acquired-by-pe-player-house-of-lithium-for-100m/

Pranali Mehta

A chemical engineer by qualification, Pranali Mehta dutifully walked down the slated path and worked in a chemical firm for a year. Her passion for writing however, pushed her into experimenting with the same as a career. With over three years of experience in content writ Read more...