Micro-mobility services business Helbiz has signed a letter of intent to buy the operations of Skip, a US-based electric scooter sharing service backed by carmaker Toyota, for an undisclosed amount.
Founded in 2017, Skip provides shared electric scooters and related services in US cities including Washington DC accessed through its mobile app. The deal is set to include its brand, technology, operations team and scooter fleet, and it will operate under its own brand as a subsidiary of Helbiz.
Helbiz intends to expand the Skip brand into other cities and continue its focus on developing safe and sustainable technology for the micro-mobility market. Its own service constitutes a mixture of electric scooters, bicycles and mopeds.
The company held a $25m first close of its series A round in June 2018, raising cash from Menlo Ventures, Accel and Y Combinator, according to The Information, before securing $100m in debt funding in December that year, three people familiar with the matter told Bloomberg.
Skip added an undisclosed funding amount from Toyota AI Ventures, a corporate venture capital vehicle owned by carmaker Toyota, to its series A round in September 2019.
Initialized Capital led a $6m seed round for Skip in mid-2018 that included A Capital, SV Angel and Fifty Years, and Alumni Ventures Group also lists it as a portfolio company on its website.
Helbiz founder and CEO Salvatore Palella said, “Through the acquisition of Skip, we can continue to scale and grow our US presence to offer last mile transportation options to local communities across the country.
“We are committed to working closely with the Skip team to build and develop unparalleled features and products that not only benefit our riders but exceeds expectations in safety and sustainability measures.”