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

European micromobility startup founded in 2018 Levi It took an interesting path. It has deployed e-scooters in the Spanish city of Zaragoza during the COVID-19 pandemic, but has also created a SaaS-oriented ‘Mobility-as-a-Service’ (MaaS) platform. It then awarded 18 contracts with public administrations for e-mobility across Italy and Spain, which are slightly below the radar compared to large, well-funded companies like Tier, Voi and Bolt. In other words, without having to be a big player, you get a European municipal license coveted by micromobility players.

Founded by four entrepreneurs (Pep Gómez, Kiran Thomas, Cristina Castillo and Guillem Pages), Reby is now house of lithium, a Canadian private equity firm that was already a major shareholder of the company. The company invests in privately held and publicly traded companies that are involved in or linked to the electric mobility value chain. The transaction price is 100 million dollars. The company’s founder, Pep Gómez, will continue to manage Reby along with the rest of the management. The company said the year ended with sales of approximately $15 million and EBITDA of approximately $3 million.

Reby has 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 director of Tesla and Lyft), Marcelo. Gigliani (APAX Digital) and Hugo Arevalo (Jobandtalent).

Kevin Taylor, Chairman of House of Lithium, said in a statement, “Combining Reby’s leading IoT technology and proven ride-sharing business model with House of Lithium’s manufacturing, distribution, e-commerce and retail assets -maximizing first-class opportunities and revenue outcomes. We are shutting down our mobility platform to do this.”

While avoiding Chinese-made scooters, Reby emphasized that they manufacture their own vehicles. It operates exclusively under the City Hall contract. Asset-backed debt finances vehicle investments.

Gomez added: “The House of Lithium team’s financial strength and capital markets expertise makes a great partnership with the additional power Reby needs to continue growing. The time for EV companies to burn money on artificial growth is over. Security and public services essential to the city are over. This is a huge opportunity to win in an untapped market focused on R&D development and infrastructure regulation for space occupancy.”

Reby is Gomez’s second venture, and at 19 he was the sole founder of the Fever Experience app. The app has raised $298.8 million to date and has received support from Goldman Sachs, Accel Partners, Rakuten and more.

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