Lithuanian electric car-sharing company Spark Technologies secures €30M to expand in Europe
Spark Technologies, a Vilnius-based electric car-sharing company, has concluded a €30 million capital commitment in the form of a share subscription facility from Luxembourg-based alternative investment group Global Emerging Markets (GEM). Spark Technologies also seeks to go public, Silicon Canals reports.
- Founded in 2015, Spark is an electric car-sharing company that provides an app for affordable eco-friendly self-driving service. It already operates in European cities, such as Bucharest, Sofia, Plovdiv, as well as Vilnius.
- To date, Spark has a customer base of more than 250,000 users. Its electric vehicle fleet consists of 1,500 cars and includes Nissan Leaf, Hyundai Kona, and Hyundai IONIQ, Volkswagen e-up, and Renault Zoe, among others.
- Under the agreement, GEM will provide Spark with a share subscription facility of up to €30 million for a 36-month term following the public listing of Spark Technologies shares. The car-sharing company will remain in control of the timing and has no minimum drawdown obligation.
- As a part of the deal, Spark will issue warrants to GEM to purchase on public listing up to 4% of the total equity interests of SPARK in three years.
- GEM or Global Emerging Markets is a $3.4 billion alternative investment group with offices in Paris, New York, and Nassau, focusing on emerging markets. The company has completed over 480 transactions in 70 countries.
“The agreement with GEM helps secure funding to continue our doubling annual growth as we expand our electric car fleet and enter new cities,”SPARK CEO and Chairman Nerijus Dagilis comments the deal.
- Spark Technologies will use the funds to expand operations in new EU markets, scale up its customer base and fleet size, and further develop its software.