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

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European micromobility startup founded in 2018 Rebi went in an interesting way. The company deployed e-scooters in the city of Zaragoza (Spain) during the COVID-19 pandemic, and also created a SaaS-focused MaaS (mobility as a service) platform. It then entered into 18 agreements with public administrations for electric vehicles in Italy and Spain, which have escaped the attention of big, well-funded players such as Tier, Voi and Bolt. In other words, he didn’t need to become a major player, but he got the kind of European municipal licenses that micromobility players dream of.

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Reby, founded by four entrepreneurs (Pep Gomez, Kieran Thomas, Cristina Castillo and Guillem Pages), has now been acquired by House of Lithium, a Canadian private equity firm that was already a major shareholder of the company. The firm invests in private and public companies involved in or linked to the electromobility value chain. The amount of the deal is $100 million. Company founder Pep Gomez, along with the rest of the management team, will continue to run Reby. The company says it ended the year with revenue of about $15 million on EBITDA of about $3 million.

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Reby has raised a total of $17.9 million from EXOR, 14W Ventures, Neo Fund, Fuel Capital, Hard Yaka, Day One Ventures and some angel investors such as Simon Rothman (founder of eBay Motors and board member of Tesla and Lyft ), Marcelo Gigliani (APAX Digital) and Hugo Arevalo (Jobandtalent).

In a statement, Kevin Taylor, Chairman of House of Lithium, said: “Combining Reby’s cutting-edge IoT technology and proven sharing business model with House of Lithium’s manufacturing, distribution, electronics and retail assets will help build the ultimate Ultimate Mobility platform to maximize opportunities. and end results.

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Reby tried to make its own cars, avoiding Chinese-made scooters; work only within the framework of exclusive agreements with the mayor’s office; and financing investment in vehicles primarily through asset-backed debt.

Gomez added: “The House of Lithium team’s financial strength and experience in the capital market make this partnership a great partner with the added strength Reby needs to continue growing… The time for electric car companies burning money through artificial growth is over, which gives us a huge opportunity to win in an untapped market focused on regulation of infrastructure and development of R&D in the field of safety and occupation of public spaces, which is extremely important for cities.”

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


Credit: techcrunch.com /

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