Micromobility company Helbiz expects to go public in the second quarter, becoming the first company in the space to be listed on the NASDAQ stock exchange. As part of those plans, Helbiz will be expanding into ghost kitchens and adding payment platforms to its existing portfolio of mobility solutions.
Helbiz announced in February it would go public through a merger with GreenVision Acquisition Corp. (NASDAQ: GRNV), a special purpose acquisition company (SPAC). The transaction, expected to close in the second quarter, has an estimated equity value of $408 million and will provide Helbiz with approximately $87.5 million in funding, following the inclusion of $30 million in private investment in public equity (PIPE) funding announced last week as part of the deal.
“This additional funding will help fuel our continued global growth as we bring sustainable micromobility solutions to the world’s busiest and most congested cities,” said Salvatore Palella, founder and CEO of Helbiz. “While micromobility services remain our core focus, we look forward to bringing value and supporting our customers in other meaningful ways and thus driving the future of transportation.”
The public company will retain the Helbiz name and be listed under the ticker symbol HLBZ.
Launched in 2015, Helbiz has approximately 200 employees around the world, with large operations in the U.S., where it is headquartered, and throughout Europe. The company operates e-scooters, e-bicycles and e-mopeds in major cities including Washington, D.C.; Alexandria and Arlington, Virginia; Atlanta; Miami; and Milan and Rome, Italy.
In its pitch deck, Helbiz describes its future opportunities, and they extend beyond e-mobility to encompass the “entire customer journey around a singular vertical. This includes public transit integration and ticketing, ghost kitchens and payment systems.
The company currently has approximately 32,550 scooters, bikes and mopeds, but expects that to grow to over 95,000 by 2025. It is expecting to provide 23 million rides in 2021, with as many as 69 million by 2025, growing revenue from $80 million estimated this year to $493 million by 2025.
“We are excited about this transaction, which will enable us to advance the development of our micromobility platform to further strengthen our market leadership globally,” said Palella. “We believe that the access to capital from this transaction will allow us to turn the page to the next chapter in our company’s journey, which will push technological boundaries and explore services for the future of transportation. Through this transaction, we’re committed to fulfilling our vision in revolutionizing transport by using micromobility to become a seamless last-mile solution.”
McKinsey & Company predicts the micromobility industry in North America and Europe to reach as much as $450 billion by 2030.
“As one of the leaders in the space, Helbiz has distinguished itself as the only company to offer e-scooters, e-bicycles and e-mopeds all on one user-friendly platform and is well positioned to provide a seamless last-mile solution as the expected transition to micromobility accelerates,” said David Fu, chairman and CEO of GreenVision.