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.
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