2 minute read | January.08.2025
Serve Robotics, a leading autonomous sidewalk delivery company, has entered into securities purchase agreements with institutional investors for the purchase and sale of more than 4.2 million shares of common stock.
The registered direct offering is expected to result in gross proceeds of approximately $80 million, before deducting placement agent fees and other offering expenses.
Orrick represented Serve Robotics.
Serve Robotics develops advanced, AI-powered, low-emissions sidewalk delivery robots that endeavor to make delivery sustainable and economical.
Spun off from Uber in 2021 as an independent company, Serve has completed tens of thousands of deliveries for enterprise partners such as Uber Eats and 7-Eleven.
The company has scalable multi-year contracts, including a signed agreement to deploy up to 2,000 delivery robots on the Uber Eats platform across multiple U.S. markets.
Serve Robotics intends to use net proceeds from the offering for general corporate purposes, including working capital.
Orrick’s Albert Vanderlaan led the team that advised Serve Robotics. The team included Jongmin Char and Bailey Higgs.