US-based micromobility technology developer Superpedestrian raised $60m from investors including financial services firm Citi’s $150m Impact Fund, equity crowdfunding platform OurCrowd and private equity firm Winthrop Square Capital yesterday.
Spun off by Massachusetts Institute of Technology, Superpedestrian has created an electric scooter called Link which is fitted with artificial intelligence software-based collision detection technology and tools that monitor a vehicle’s health.
The company emerged from stealth in 2013 with $2.1m from Spark Capital and angel investor David Karp, adding $4.1m the following year according to a securities filing.
Superpedestrian closed a $16.5m series B2 round in May 2018 featuring Spark Capital, General Catalyst and individuals including Charles Kim that it said boosted its overall funding to almost $44m.
Spark Capital, General Catalyst, Hanaco Ventures and Empire Angels provided a further $20m in November 2019 before Edison Partners led a $15m round that included Spark Capital and General Catalyst in June this year.
Ed Skyler, Citi’s executive vice-president for global public affairs, said: “Superpedestrian’s Link fleet aims for the double bottom line we look for through the Citi Impact Fund, benefitting both communities and investors. They have taken time to get the technology right, the growth has been sustainable and their product is profitable.
“As the density of cities increase, there is huge demand for safe, sustainable transportation options and we are excited to partner with Superpedestrian, especially given our support of the country’s largest bike-share programme, Citi Bike.”
