Dott, a mobility startup company out of Europe, recently fund raised $34 million that was led primarily by previous investor Naspers and EQT. The new funds will be used by the company to launch an electric bike-hiring company and introduce new electric scooters.
Europe’s Dott, Tier and VOI, like US rivals Bird and Lime, have put thousands of electric scooters on the region’s roads, betting large commuter populations and lower car ownership than in the United States will make such transport a European staple.
The firms have raised thousands of dollars in the last year to fend off competition, with the sector attracting high-profile investors including Google-owner Alphabet and Uber, despite no clear route to profitability.
Dott, whose e-scooters operate in Brussels, Paris, Lyon and Milan, said recently it would soon close a Series A funding round, which had also seen existing investors Axel Springer and Felix Capital make commitments.
The money will be used to launch two new models of e-scooters with replaceable batteries – a move that should extend the life of the scooters – as well as launch e-bikes within the next few months, it added.
The move into bike sharing, with Dott’s rivals pursuing similar plans, comes after Asian bike operators GoBee and Mobike were forced to retreat from Europe due to price wars, vandalism and a backlash from authorities over regulations.
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