In A First for Delivery Robotics, Serve Files For Public Listing
CEO Ali Kashani shares thoughts after securing fresh financing
Serve Robotics, the autonomous sidewalk delivery company based in Redwood City, CA, just announced the successful close of $30 million in new financing. This influx of capital brings its total fundraising since 2021 to $56 million. Accompanying this fresh cash infusion, Serve has undergone a strategic reverse merger with Patricia Acquisition Corp, allowing the company to list on the Nasdaq or NYSE via an alternative public offering.
Noteworthy Investors and Board Induction
This fundraising round witnessed the participation of existing investors like Uber, NVIDIA, and Wavemaker Partners, alongside new investors such as Mark Tompkins and Republic Deal Room. Montrose Capital Partners sponsored the transaction, while Network 1 Financial Securities and Aegis Capital Corp played pivotal roles as co-placement agents. Adding to the company's strategic clout, Sarfraz Maredia, Uber's Vice President of Delivery and Head of Americas, has taken a seat on Serve's board, effective this past July 31st. In a note to our sister publication, Serve Co-Founder and CEO Ali Kashani added:
Having Uber, our largest enterprise partner, increase their investment and join our board feels like a vote of confidence after 18 months of 30%+ month-over-month growth.
Ambitious Growth Plans
As just earlier this year Serve was looking to raise between $2-5 million via crowdfunding, this increased warchest serves what sounds like expanded corporate ambitions. The company will use the capital to fulfill its commercial agreement with Uber Eats to deploy 2,000 robots. The company aims to be able to deliver to every doorstep in the country in the next five years.
The Long Road Ahead
It’s been a long journey for Serve, which started its life as Postmates X, launching as the then-independent delivery service’s robotics arm in Los Angeles in 2018. When Uber acquired Postmates in 2020, it spun the X division out into a separate company, rechristened as Serve. That same year co-founders MJ Chun, Dmitry Demeshchuk, and Ali Kashani, Ph.D launched the startups’ first commercial services. As the company continues to expand, this latest financing should give it fuel for the road ahead.
