Dott raises $70 million to expand e-scooter service

Dott raises $70 million to extend e-scooter service

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The Amsterdam-based startup plans to extend into new cities and worldwide areas, sustaining a tally of Irish roads.

Dutch e-scooter agency Dott has added $70 million to its Sequence B funding spherical. After elevating 70 million euros in April 2021, the entire raised on this spherical has exceeded 150 million {{dollars}}.

The Sequence B enlargement was a mix of equity and asset-backed debt, collectively led by new investor Edinburgh-based Abrdn and Belgian funding company Sofina, and collectively led financing closing yr. Present merchants EQT Ventures and Prosus Ventures moreover participated.

Dott, headquartered in Amsterdam, was primarily based in 2018 and has become one among Europe’s largest avid gamers in micromobility.

It at current operates in 36 cities in 9 European worldwide areas and has not too way back added 10,000 electrical bikes to its larger than 40,000 electrical scooters. In 2021, Dott riders traveled 130pc larger than in 2020.

Dott is one among numerous micromobility companies sustaining a tally of the Irish market until the bill is handed. The company acknowledged it will probably use its latest funding to spend cash on product progress and enlargement to additional cities and worldwide areas, along with launching e-bikes.

Dott’s co-founder and CEO, Henri Moissinac, acknowledged the company’s decision to launch an e-bike “is an important milestone” as a result of the mode of transport “is additional acquainted to many and broadens the attraction of our corporations”.

“Beginning in 2022 with additional funding will permit us to spur improvement and convey additional environmentally nice journey to additional people,” he acknowledged.

‘Becoming a pacesetter’

Dott’s e-scooters in the meanwhile are unfold all through essential cities in Belgium, France, Finland, Germany, Italy, Norway, Poland, Spain and the UK. It has acquired micromobility bids in two of Europe’s largest cities, Paris and London, and employs larger than 500 people in every locations and in Amsterdam.

The company has been eager for an Irish launch for a while, holding native consultancies in Dublin, Cork, Limerick and Galway. We have moreover established the Irish Safety Advisory Board to reinforce e-scooter corporations for freeway prospects who’re visually impaired.

Nonetheless, there are moreover completely different contenders looking for a share inside the Irish market. Many companies have already launched plans to launch e-scooters as rapidly as legal guidelines passes in Ireland, along with Bolt, Bleeper, Zipp Mobility, Free Now and Chook.

New investor Abrdn’s Alistair Watson says private equity corporations are looking for “the world’s most sustainable funding different.”

“We actually really feel Dott is successfully positioned to be a pacesetter inside the class providing fine quality merchandise acknowledged for vital improvement in 2021 with a accountable enterprise model that takes a rigorous technique to minimizing our carbon footprint.”

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