Nick Carey

Lime announced Friday that $523 million was raised from investors by the urban mobility company. Lime’s CEO stated that Lime aims to list on the stock market in 2022.

According to the company, which is based in San Francisco, it said that money raised through convertible debt and term loans financing also included new capital from Uber (NYSE:) who became an investor for 2020. According to Lime’s Chief Executive Officer Wayne Ting (Reuters), the round was “significantly too crowded”.

Ting stated that “It’s recognition that Lime now stands undisputed as the leader in this area.” This is a significant milestone which suggests investor confidence Lime will go public. It will also serve as a launching platform for Lime to publicize next year.

Ting stated to Reuters that he expected a listing by the summer 2022, depending on market conditions. Ting said that he is “agnostic,” as to whether or not the company will seek a traditional initial public stock offering (IPO) or a merger with special purpose acquisition companies (SPAC).

Bird, a Santa Monica-based company that rents electric scooters, has merged with Switchback II Corp. A SPAC. On Friday, the stock exchange will trade under the symbol “BRDS” and the deal values the scooter startup at $2.3 million.

Lime stated that the funds it has raised will help to expand its “Gen4” line of e-scooters, e-bikes, and “Gen4” e-scooters. The e-bikes include “swept handlebars for an easier ride”, extra reflectors to increase rider visibility, and an exchangeable battery.

Lime’s global operations have expanded to 80 additional cities in this year’s fiscal year.

As larger companies seek to manage tougher city regulations, consolidation is likely to occur in the scooter rental industry.