San Francisco, Jan 4 (SocialNews.XYZ) Electric scooter company Superpedestrian has shut down operations and will put more than 20,000 e-scooters on auction later this month, along with other equipment.
The startup told employees last month that it was shutting down US operations at the end of the year and exploring a sale of its European assets, reports TechCrunch.
Two “global online auction” listings for its e-scooters and other equipment appeared on the website of Silicon Valley Disposition, an online marketplace, for later this month.
Superpedestrian’s CEO Assaf Biderman did not comment.
The startup raised $125 million in a Series C round of equity and debt 18 months back, that included investors Jefferies, Antara Capital, the Sony Innovation Fund by IGV and FM Capital.
Superpedestrian started the shared scooter business called Link in 2020 when it acquired the assets of US-based Zagster.
However, it struggled financially in 2023 as it operated its shared scooter fleets in several cities around the globe.
Last month, another e-scooter company Bird filed for Chapter 11 bankruptcy.
It entered into a financial restructuring process aimed at strengthening its balance sheet and better positioning the company for long-term, sustainable growth.
Bird said it will operate as usual during this process, maintaining the same service for its riders and upholding its commitments to partner cities, fleet managers, and employees.
Source: IANS
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