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Vehicle Sharing Startup Bird Plans Public Offering With SPAC Merger

Vehicle Sharing Startup Bird Plans Public Offering With SPAC Merger

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PYMNTS.com
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https://www.pymnts.com/news/ipo/2021/vehicle-sharing-startup-bird-plans-public-offering-with-spac-merger/
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PYMNTS
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Silicon Valley vehicle-sharing startup Bird is planning to go public with the special purpose acquisition company (SPAC) Switchback II Corporation.

Travis VanderZanden, founder and CEO of Bird, said in a press release that the company was launched in 2017 with an eye on the environment and a mission of providing eco-friendly transportation.

The company has “driven the adoption of micromobility which has resulted in rapid growth,” VanderZanden said. “During this time, we have advanced our operating model, supported by proprietary technology and hardware, to scale our mission and reach more cities.”

He added that the company’s driving force is a foundation steeped in “our strong unit economics” and advanced by its “successful track record to date.” VanderZanden also said that the micromobility market is forecasted to hit some $800 billion.

The startup plans to list via a SPAC merger with Switchback II on the New York Stock Exchange (NYSE) under the ticker Bird.

Jim Mutrie and Scott McNeill, co-CEOs and directors of Switchback, said Bird has leveraged its “first-mover advantage to address the significant market opportunity while also providing an efficient and eco-friendly transportation alternative.”

Crediting Bird for “its market leadership position, experienced and innovative leadership team, compelling current revenues and business model,” the two also noted its “identified levers for growth.”

Bird announced on Monday (May 10) that it was looking to go public at a $2.3 billion valuation. Dallas-based Switchback II Corporation has been eyeing companies that seek a carbon footprint reduction.

Since its launch, Bird has grown to more than 200 cities internationally and has handled over 95 million rides to date.

The startup said in March that it was budgeting $150 million for further expansion across Europe. Currently, its battery-powered two-wheel scooters are making their way in 50 new cities. European riders account for about one out of every two Bird rides globally.

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May 12, 2021 at 03:56PM
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