Europe is increasingly focusing on reducing carbon emissions and moving towards sustainable modes of transport. Various governments are trying to cut the reliance on polluting private vehicles to meet their net-zero emissions targets. This has paved the way for sustainable micro-mobility options such oolers, e-scooters, e-bikes and others.
Dott, a Dutch micro-mobility startup is known for its scooter-sharing service. Recently, the company added e-bike sharing services in select cities.
Now, the urban mobility startup Dott has pocketed $70M as an extension to its Series B round. Back in 2021, the company picked up $85 million in Series B funding. It was a mix of equity and asset-backed debt financing. With the recent investment, which is also a mix of equity and debt financing, the overall Series B funding secured by Dott is over $150 million.
The round was led by abrdn and existing investor Sofina. Also, other existing investors EQT Ventures, Naspers and Prosus Ventures took part in the round.
Dott will use the funds to accelerate the rollout of its new e-bikes. Also, it will invest in product development and focus on improving user experience. Dott will focus on expanding its services to new cities and countries. With this round, the total investment secured by the micro-mobility startup is nearly $210 million.
Henri Moissinac, Co-Founder and CEO, Dott, said: “We reached a significant milestone for our business in 2021, launching e-bikes to extend our offer with a vehicle that is more familiar to many people and broadens the appeal of our service. Starting 2022 with additional funding will propel our growth and allow us to offer environmentally friendly travel to more people. We look forward to working with our new investor, abrdn, alongside our existing partners to expand our reach and help achieve fresher air and less traffic for everyone.”
Alistair Watson, Head of Strategy Innovation, Private Equity, abrdn, said: “Environmental, social and governance considerations are at the heart of our process as we seek the most sustainable investment opportunities globally. We felt that Dott is well positioned to be a leader in the category, offering a high quality product that has been recognised with significant growth in 2021, alongside a responsible business model which takes a rigorous approach to minimizing its carbon footprint.”
Harold Boël, Chief Executive Officer, Sofina, said: “Consumers need convenient and clean alternatives to move around cities, and European cities are evolving to encourage these alternatives. As people change their habits and cities adapt their mobility strategy, we at Sofina are convinced that Dott is well positioned to enable sustainable mobility with its fleet of shared clean vehicles, responsibly integrated into cities. Supporting Dott’s expansion is fully aligned with our intent to contribute to a more sustainable future.”
Dott was founded in 2018 by two former executives of Chinese bike startup Ofo – Maxim Romain and Henri Moissinac. Its fleet comprises over 40,000 scooters and 10,000 that run across 36 cities across Belgium, France, Germany, Italy, and Poland. While it is headquartered in Amsterdam, it does not operate in the city due to the lack of government approval.
Notably, Dott competes with several micro-mobility startups in Europe such as Voi that wants to focus on electric cars and bike-sharing startup nextbike acquired by Tier among others.
In 2021, Dott grew considerably and its riders completed 130% more trips than in 2020.
Focuses on rider safety
Dott puts forward a unique approach to micro-mobility by pioneering a model using in-house operations. Dott has greater control over the quality of its logistics and vehicle maintenance, thereby resulting in a safer and more reliable service for its users.
The micro-mobility startup prioritises the safety of its riders, other road users and pedestrians. For this purpose, it collaborates closely with the cities it operates in to offer a service that suits the needs of each city. The service measures and reduces its impact on the environment consistently and offers the most efficient way to get around while reducing pollution and congestion in cities.