While, the e-bike market is expected to witness growth due to an increase in demand for sustainable mobility solutions, rising traffic congestions, increasing fuel prices, and growing interest in cycling as a fitness and recreational activity, Cargoroo, the Dutch company behind the yellow e-share cargo bikes, has raised €10 million from investors recently.
The funding was led by The Sharing Group and Participatiefonds Duurzaam Economie Noord-Holland (PDENH) who were joined existing investors Fairtree Elevant Ventures.
With the new investment round, Cargoroo wants to expand into more European markets such as Lyon in France and increase its network where it is already present, including The Netherlands, France, Belgium, and Germany.
In European cities where the bike-sharing concept has marked its presence – such as Antwerp and Berlin – Cargoroo will further expand its presence by significantly increasing the number of cargo bikes available.
With a fleet of over 700 e-cargo bikes, Cargoroo recently also forayed into Eindhoven in the NL and will increase the network in Amsterdam, Utrecht, The Hague, Nijmegen and Arnhem and also intends to hire more.
“With this investment, our team can take the next big step towards realizing our mission: to make cities more livable, healthier and safer,” says CEO Erik de Winter public sector and mobility. We all share the same vision and values.”
Founded in 2018 by Jaron Borensztajn, Erik de Winter, and Jelle Maijer, Cargoroo was first conceived by the Dutch founders when Jaron Borensztajn, a father of three, used to ride his children on cargo bikes during their childhood.
The Sharing Group is a fast-growing family of technology companies committed to the “Good Sharing” concept. Joost van Rooij, CMO The Sharing Group: “When it comes to shared mobility, MyWheels is the most recognizable brand in our portfolio. Our Investment in Cargoroo ties in seamlessly with this, as both concepts help reduce the number of cars on the roads and improve the quality of life in our cities.”
As a public fund, the PDENH invests in companies and initiatives based in North Holland that contribute to the energy transition, the circular economy and sustainable mobility in the region. Joost de Waard, Investment Manager at PDENH: “ Using an E-Share cargo bike is a viable alternative to driving in Europe’s densely populated inner cities. We believe that Cargoroo – as the market leader in this sector – will be able to introduce this concept on a large scale. The yellow cargo bikes not only reduce carbon emissions, but also contribute to a healthier lifestyle for their users!”
David Evans, managing director of Fairtree Elevant Ventures,an early-stage investor in Cargoroo says of the new investment round: “Cargoroo has consistently demonstrated a notable performance in the e-sharing cargo bike space. The company has grown rapidly year after year since it was founded and now wants to gain a foothold in Germany and France. The success of this new investment round is a testament to our belief in the company. Cargoroo’s strong focus on more mobility, healthier cities and better lifestyles aligns with our broader portfolio of companies working in the sustainability space. Sharing Group and Participatiefonds Duurzame Economie Noord-Holland (PDENH) are participating in this funding round and we look forward to working with them as Cargoroo continues to spread across the continent.”
