European micromobility startup Reby has been acquired by PE player House of Lithium for $100 million

0

European micromobility startup founded in 2018 rebi has taken an interesting path. It deployed e-scooters in the city of Zaragoza (Spain) during the COVID-19 pandemic, but also created a SaaS-oriented “MaaS” (Mobility-as-a-Service) platform. It then won 18 agreements with public administrations for e-mobility across Italy and Spain, somewhat under the radar compared to big, well-funded players like Tier, Voi and Bolt. In other words, without having to become a big player, it secured the kind of European municipal licenses coveted by micro-mobility players.

Reby was founded by four entrepreneurs (Pep Gómez, Kiran Thomas, Cristina Castillo and Guillem Pagès) and has now been acquired by House of Lithium, a Canadian private equity firm that was already a large shareholder in the company. The company invests in private and public companies that are involved in or connected to the electric mobility value chain. The transaction is valued at US$100 million. The company’s founder, Pep Gómez, will continue to lead Reby along with the rest of the management team. The company says it ended the year with revenue of about $15 million and EBITDA of about $3 million.

Reby had raised a total of $17.9 million from EXOR, 14W Ventures, Neo Fund, Fuel Capital, Hard Yaka, Day One Ventures and some angels like Simon Rothman (founder of eBay Motors and board member of Tesla and Lyft) Marcelo Gigliani ( APAX Digital) and Hugo Arevalo (job band talent).

In a statement, House of Lithium Chairman Kevin Taylor said:

Combining Reby’s leading IoT technology and proven ridesharing business model with House of Lithium’s manufacturing, distribution, e-commerce and retail assets will help create an end-to-end mobility platform to drive revenue opportunities and profit outcomes to maximize.

Reby made a point of making his own vehicles and eschewing Chinese-made scooters; Operation only under exclusivity with town hall agreements; and financing vehicle investments largely with asset-backed debt.

Gomez added:

The House of Lithium team’s financial strength and capital markets expertise make this a great partnership with the added strength Reby needs to continue its growth… Gone are the days of EV companies wasting money on artificial growth giving us A huge opportunity to win in an untapped market focused on infrastructure regulation and R&D development in the areas of security and use of public space, which is essential for cities.

Reby is the second company for Gomez, who at 19 was the sole founder of the app Fever Experiences, which has raised $298.8 million to date and has been backed by Goldman Sachs, Accel Partners and Rakuten, among others.

Share.

Comments are closed.