Fever founder sells Reby for 94 million euros

100 million dollars or nearly 94 million euros. That’s what Pep Gómez’s electric scooter business – along with Kiran Thomas, Cristina Castillo and Guillem Pagès – is worth in Barcelona. The startup Reby, the businessman’s second success after founding Fever and leaving it years later, has completed its sale to a fund that had already been an investor in the company through the closed financing rounds by the company; $17.9 million in total. House of Lithium, Canadian-born and focused on shared mobility, is the new owner of the company; one of the few shared electric mobility of 100% Spanish origin and which will continue under the command of the businessman to continue expanding.

Founded in 2018, Reby’s itinerary is one of the most particular in the mobility sector. He was one of those who obtained one of Zaragoza’s operating licenses, one of the most demanding. Later it was present in 18 cities in southern Europe (Italy and Spain) with municipal licenses. He has achieved in many places what Lime, Bolt or Voi failed to do with much more financial might. It was also one of the few stood up to Ada Colau in Barcelona. The city’s mayor has a long history against private mobility services.

While Madrid has opened its hands to almost 20 companies to operate jointly – with the chaos this has caused and little success for many companies that have joined the tender -, Barcelona has been closed in the band to shared electric mobility services. A position similar to that of the VTC sector linked to Uber and Cabify. Colau’s rules specified that the rental of electric scooters was only allowed if they were part of a group with a guide.

This left virtually every mobility company out of the game. Except Réby. The startup founded by Pep Gómez operated in Barcelona; not without some impact. On one occasion, the council removed all the scooters, believing they were operating against regulations. With time, Reby has become a headache for Ada Colau since it continued to operate with a model similar to that of shared motorcycles –some of which the startup has also set up in town–. Over time, Wind also entered the Catalan capital to follow in Reby’s wake.

Reby, operational and profitable

Reby managed to reach 14 million euros and an EBITDA of 3 million. How did you get there? Following in the footsteps of many others in the mobility sector: do without Chinese scooters –under the Xiaomi model in its white label and which ended up being the same for all brands– and make your own. In this way, it has expanded its offer not only to scooters, but also to electric bicycles and motorcycles.

Also the fact of operating only under municipal licenses which grants them practically exclusivity in many cities in which they operate.

The entry of the Canadian fund into Reby, in any case, indicates an expansion of the company designed by Pep Gómez himself.

“We are impressed with the growth that Reby and his team have experienced since our initial investment two years ago. Given our current strategy, the decision to undertake this transaction was an easy decision for us. The combination of cutting-edge IoT technology and Reby’s business model Carpooling with House of Lithium’s manufacturing, distribution, e-commerce and retail assets will help create a comprehensive mobility platform to maximize opportunities and results . »

Kevin Taylor, Director of House of Lithium

Or what comes to the same thing, Reby finally benefits from the same financial arm as its traditional competitors. “The financial strength and capital markets experience of the House of Lithium team will provide Reby with the additional energy it needs to continue its growth. I believe the two companies can complement each other very well. “, explains Pep Gómez in a press release. . . Although, he adds, the time for ‘electric vehicles to spend money on artificial growth is overwhich gives us a great opportunity to continue to win in an untapped market focused on infrastructure regulation and R&D development.”