Electric Scooter Firm Grin Raises $45.7 Million

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Grin Scooters

YCombinator backed electric scooter startup Grin has bagged a $45.7 million Series A financing as it aims to operate the shared scooter service in Latin America. The Mexico-based company counts the likes of Sinai Ventures, Liquid2 Ventures, 500 Startups, Monashees, Base10 Partners, Pi Campus, Shasta Ventures, M Ventures, Ariel Poler, Trinity Ventures and others as the backers of the firm.

The total amount raised by the company now stands at about $72.7 million. A grin which currently operates in Mexico City said that it will use the fresh infusion of capital to expand in the other parts of Latin America.

With electronic scooter firms like Bird and Lime bagging million dollars in investment, the electric scooter segment in the country is a hot industry right now. Both bird and Lime have gained the unicorn status with a valuation of over $2 billion and $1 billion respectively. Cab aggregator Uber and Lyft are also not staying behind in the race. Both the firms deployed their electronic startups in the city of Santa Monica.

The company was founded Bryan Zambrano, Jonathan Lewy, Karime German, and Sergio Romo as the last mile transportation company. The company was one of the exhibitors in the summer 2018 demo day class of the YCombinator.

Now, having raked a decent investment from a few of the top investors, Grin would look to put a perfect foot forward in order to compete against the bigger brands who are doing exceptionally well in the domain. It will be an interesting battle as more players draw capital.

 

Image Courtesy : lavca

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