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Bird and Lime scooters in downtown San Jose, Calif. Photo: Bloomberg

After Tough Year, SPACs Tempt Bird, Lime

The scooter operators already were struggling when Covid-19 hit, robbing them of customers. As the companies position themselves for a hoped-for post-pandemic rebound, Bird is nearing a deal for a $100 million debt financing, and has considered going public via a SPAC. Rival Lime is branching out into mopeds and hasn’t ruled out its own SPAC deal.

After Tough Year, SPACs Tempt Bird, Lime

The scooter operators already were struggling when Covid-19 hit, robbing them of customers. As the companies position themselves for a hoped-for post-pandemic rebound, Bird is nearing a deal for a $100 million debt financing, and has considered going public via a SPAC. Rival Lime is branching out into mopeds and hasn’t ruled out its own SPAC deal.

Bird and Lime scooters in downtown San Jose, Calif. Photo: Bloomberg

Cory Weinberg

Jan. 27, 2021 6:00 AM PST

Dogged by questions of financial viability and then a pandemic that crippled demand for scooter rentals, Bird and Lime are taking steps to repair the damage.

Bird is finalizing a deal to raise more than $100 million in convertible debt, led by existing investors Sequoia Capital and Valor Equity Partners, people familiar with the matter said. The financing comes after the scooter operator had discussions about mergers over the past few months with at least three special purpose acquisition companies, including DPCM Capital, run by former Uber executive Emil Michael.