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Electric scooter startup Grin raises ~$45 million

(Source: techcrunch.com)

Grin, an electric scooter startup backed by Y Combinator, has raised a $45.7 million Series A to operate shared, electric scooters in Latin America.

Grin, which is based in Mexico City, had previously raised funding from Sinai Ventures, Liquid2 Ventures, 500 Startups, Monashees, Base10 Partners and others.

Currently, Grin only operates in Mexico City, but it has plans to expand to other cities throughout Latin America.

Electric scooters are clearly a hot space. U.S.-based companies like Bird and Lime have raised millions of dollars. Bird is currently valued at over $2 billion while Lime is valued at over $1 billion. Meanwhile, transportation behemoths Lyft and Uber have both staked their claim in the electric scooter space, both deploying them in Santa Monica, Calif. in the last month.

I’m getting in touch with Grin co-founder Sergio Romo shortly. More to come.

More Info: techcrunch.com

Technology
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