Bird Electric Mobility is a subsidiary of Bird Group, California. For almost a decade the company has pioneered mobility devices. Now it is going public with further expansion goals.
Going public with SPAC has become common with startups developing promising technology.
Bird Rides announced recently their merger with Blank-check company, valuing $2.3 billion. Additionally, this deal is supported by a $160 million private investment company, Fidelity Management & Research Co.
Bird is excited to further our mission of bringing environmentally friendly transportation to cities around the world with plans to go public thru Switchback II. Grateful for our cities, partners, employees, and riders for coming along for the ride. https://t.co/mO76MysUX8
— Travis VanderZanden (@travisv) May 12, 2021
Furthermore, cash proceedings are $428 million combinings that $160 million support. These proceedings are mostly going for setting up an electric bike rental and retail services by partnering with local entrepreneurs.
Also, as posted on the company website, “Of the hundreds of billions of car trips under five miles made every year, tens of millions are now being replaced by electric alternatives. We’ve also served as an essential first- and last-minute solution giving people greater access to healthcare, education, and better-paying jobs.”
Within its first 14 months, Birds were able to sell in more than 120 cities. Some of these cities include Russellville, Arkansas, Tel Aviv, Paris, Mexico, and London.
Their rent system was popular in many cities. Where the scooter can be rented through an app for $1 and further charges per minute. And the bike could be left around anywhere without any hurdles of finding your way back. The next person rents the bike, later and this goes on.
Basically, the company imports scooters and install minicomputers for them. This software imbibe enables ease of usage. Having the renting system as theirs is not easy to maintain. If and when a scooter needs repair, it needs to be addressed properly.
Making safe EV scooters
Sharing their future mission, the company mentions on their website,
“As Bird enters this exciting new chapter, we will continue to put cities, riders, and communities front and center in our mission for change. We will offer more diverse vehicles that accommodate the needs of a broader population and the demands of different trip types.”
This is a significant development for the company. As the company has shown promising results by providing micro-EV service. It further plans to provide tens of millions of trips to riders in over 200 cities annually. They provide environmentally friendly scooters that are convenient for shorter rides on a regular basis. Their number of trips increased from 35 million to 136 million, from 2017 to 2019.
The SPAC deal means an added advantage, both towards gaining further investments through stocks and also their sales. The company is set to launch in India, however, the details of prices and locations are yet to be known.