Serve Robotics, backed by Nvidia and Uber, raised $80 million through a direct offering of 4.2 million shares of common stock. This is in addition to the previously filed market facilities and warrant exercise of $86 million in total gross proceeds in December 2024.
The sidewalk delivery robot company, which went public through a reverse merger earlier this year, expects its $80 million offering to close on Tuesday, subject to certain closing conditions. Serve did not specify what the total proceeds would be used for, only that it would be used for working capital.
The $86 million raised in December will be used to extend Serve’s operating runway until the end of 2026. The Company will use the capital to self-fund equipment investments, eliminating the need for equipment financing and related service costs.
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