Serve Robotics Advances with $80 Million Capital Boost
Deal News | Jan 08, 2025 | Orrick
Serve Robotics, a pioneering company in autonomous sidewalk delivery technology, has successfully raised approximately $80 million through a registered direct offering. The offering involves securities purchase agreements with institutional investors to sell over 4.2 million shares of common stock. Orrick, the law firm known for its strength in technology and innovation, advised Serve Robotics throughout the transaction. Originally spun off from Uber in 2021, Serve Robotics has made significant strides in the delivery sector and plans to utilize the proceeds for general corporate purposes, including working capital enhancement. The company is on a growth trajectory with plans to deploy up to 2,000 delivery robots on the Uber Eats platform across various U.S. markets, reflecting its robust partnership with enterprise giants like Uber Eats and 7-Eleven.
Sectors
- Autonomous Technology
- Venture Capital
Geography
- United States – Serve Robotics operates in the U.S. and plans to deploy its robots across multiple markets within the country.
Industry
- Autonomous Technology – The article focuses on Serve Robotics, a company developing autonomous delivery robots, which falls under this industry classification.
- Venture Capital – The capital raise through direct offering aligns with venture capital and private equity practices, as Serve Robotics secures investment from institutional investors.
Financials
- $80 million – The total gross proceeds expected from Serve Robotics' registered direct offering.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Serve Robotics | Target | Company | An autonomous sidewalk delivery company spun off from Uber and raising $80 million in a direct offering. |
| Orrick | Legal Advisor | Company | Orrick is the law firm that advised Serve Robotics in the securities purchase agreements. |
| Institutional Investors | Investors | Companies | The collective group of investors purchasing shares in the direct offering. |
| Uber Eats | Enterprise Partner | Company | Serve Robotics has a significant deployment agreement with Uber Eats. |
| Albert Vanderlaan | Lead Advisor | Person | Led the Orrick team advising Serve Robotics. |
| Jongmin Char | Advisor | Person | Part of the Orrick team advising Serve Robotics. |
| Bailey Higgs | Advisor | Person | Part of the Orrick team advising Serve Robotics. |