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The Caisse de dépôt et placement du Québec is making a US$50 million equity investment in San Francisco-based electric scooter share firm Bird Rides Inc.

The organization operates electric scooters in more than 100 cities around the world. It’s currently expanding into Canada, with launches in Calgary and Edmonton earlier this year. And it undertook a 10-day pilot in Toronto’s Distillery District in early September.

Read: Caisse invests in Quebec venture capital tech firm

In a press release, the Caisse said the investment falls within its strategy of investing in disruptive technology sectors. “This new partnership also supports our commitment to take part in the transition toward a less carbon-intensive global economy,” said Jeffrey Smith, the Caisse’s senior managing director of digital investment strategy. “We look forward to continue building a business which provides micromobility solutions in cities around the world.”

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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