Ryde Technology to be acquired by Equip Capital
Ryde Technology, an Oslo, Norway-based scooter sharing company, announced getting into an agreement for selling a major equity part in the company.
The deal was made with the local private equity investors from Norway, Equip Capital, and involves a mix of secondary transactions and capital injection. Post deal Equip will control 60% of the shares while the two founders will remain involved in the operations.
Ryde Technology, founded in 2019 by Johan Olovsson and Espen Rønneberg, operates an on-demand transportation service made available via a mobile app. The company, which faced legal hurdles along their growing journey, says it is a market leader in Bergen and Trondheim and is the second largest in Oslo.
In 2020, Ryde produced a turnover of NOK 45 million ($5.4M) and expects 3X for 2021.