Micromobility Startup Helbiz To Merge With SPAC; Will Establish Ghost Kitchens

Helbiz, a micromobility startup, is looking to go public via special purpose acquisition company (SPAC), according to a report from TechCrunch.

With that, the company could get enough funding to potentially buy smaller companies in the space and enter the ghost kitchen industry as a way into the food delivery market, the report stated.

The SPAC Helbiz intends to merge with is GreenVision Acquisition Corp., and it will happen in the second quarter of this year, according to the report. The transaction will include $30 million in private investment in public equity (PIPE) from institutional investors, and around $80 million in net proceeds will go toward Helbiz’s business.

CEO Salvatore Palella said the funding would help with the company in “revolutionizing transport by using micromobility to become a seamless last-mile solution,” TechCrunch wrote.

Palella told TechCrunch the ghost kitchens would be introduced in Milan and Washington, D.C., later this year, and said the company is planning for a five-minute delivery time. To create a different experience from competitors, such as Lime and Byrd, Helbiz plans to roll out eScooters, eBicycles and eMopeds all on the same platform.

In addition, the report stated, there will be a geofencing platform integrated in order to help with some cities’ issues with eScooters and similar vehicles being left at random locations, and a swappable battery to make for easier charging. There’s a subscription service as well, letting users take unlimited 30-minute trips on its bikes and scooters each month.

PYMNTS reported early in 2020 on the expansion of the micromobility sector in Washington, D.C., which came with a new District Department of Transportation (DDOT) ruling saying that there would be new laws on which companies would be permitted to work in the industry.

Helbiz, new in the U.S. at the time, made the cut due to what Palella said was the difference in the business model, specifically how it offers a full team of full-time workers as well as the lower costs for customers.