“Companies typically do a convertible note as the last round before they go IPO and investors are betting that the company is going public, and they want to get in on the round early because they get to come in at a discount. Ting didn’t specify when next year Lime would file for IPO or whether it would go the traditional route or attempt a SPAC merger, but sources familiar with Lime say it’s unlikely the company will pursue the SPAC route. The company is dedicating $20 million of its latest round towards decarbonization efforts, such as investing in cleaner hardware and ensuring that 80% of its supply chain sets better emissions goals. When we do become a public company, I want our investors to know that that’s what this company stands for.”Lime Lime was able to reach this level in large part through bottom line growth, meaning the company is running a tight ship. Lime will use the capital to invest in its decarbonization efforts, refresh a significant portion of its fleet with its Gen4 e-bikes and e-scooters, scale into more cities and develop new technologies that will help win additional city RFPs. Earlier this week, Lime had its carbon targets validated by the Science-Based Targets Initiative, an organization that promotes best practices in emissions reductions in line with climate science, and announced that it is working towards being consistent with the Paris Climate Accord and being net-zero by 2030. That could look like building new vehicle modes or investing in technology “that actually makes us good partners to cities as we expand and scale our business,” said Ting, but he didn’t specify what new modes or technologies Lime is exploring. Ting said Lime is targeting North American and European expansion, but is also interested in looking towards the Middle East, where the company’s lead investor in this round is based. However, last month Ting mentioned that Lime is interested in joining the sidewalk detection technology club during a WSJ tech event, at which time the CEO also claimed that Lime is third quarter EBITDA profitable for the second time.