Micromobility will make its stock market debut next quarter.
Per TechCrunch, Helbiz ($HLBZ) — an electric bike and scooter company with a pretty incredible name — will merge with a SPAC (GreenVision Acquisition Corp.), valuing the combined entity at $408m.
If you haven’t heard of Helbiz, you’re certainly not alone.
The micromobility startup operates in only 6 US markets (Washington, DC; Arlington, Alexandria, and Richmond, Virginia; Atlanta, Georgia; and Miami, Florida) and has been steamrolled across North America by the popularity and media attention of its competitors, including Bird and Lime.
CEO Salvatore Palella has instead set his sights on Europe, where Helbiz operates in 13 cities… all in his home country of Italy.
TechCrunch reports the company has “tried to differentiate itself” with a diverse portfolio of vehicles, including e-bikes and e-mopeds. One hiccup: Helbiz’s competitors have, quite literally, the exact same offerings.
To really mix things up, Helbiz plans to introduce ghost kitchens in Milan and DC to provide “5-minute delivery.”
If that works, it could be “one hell of a biz.”