By Katherine Hamilton
Serve Robotics shares climbed Monday after the company said it secured enough financing to self-fund its operations for the next two years.
The stock rose 22% to $23.14 in mid-morning trading, hitting a six-month high.
The company, which makes delivery robots, raised $86 million in gross proceeds in December, bringing its total financing for 2024 to $167 million. Serve said it has secured about $220 million in total funding since its spinout from Uber in 2021.
The funding strengthens Serve's financial position and should allow it to continue operations through the end of 2026, the company said. Serve can now self-fund equipment investments, eliminating the need for equipment financing, it added.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
January 06, 2025 10:21 ET (15:21 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.