Amsterdam-based e-cargo bike platform Cargoroo raises €10M: Know more

Amsterdam-based Cargoroo, a shared electric cargo bikes provider, announced on Monday that it has secured €10M from Participatiefonds Duurzame Economie Noord-Holland (PDENH), The Sharing Group, Fairtree Elevant Ventures, and others. 

The Dutch company says it intends to deploy the capital to expand its operation across Europe. In 2023, the company plans to introduce e-cargo bikes in more cities across Germany and on the French market in the city of Lyon.

In European cities like Antwerp and Berlin, Cargoroo intends to further expand its presence by significantly increasing the number of available cargo bikes. 

In the Netherlands, Cargoroo plans to expand its fleet to more cities, including Eindhoven, Amsterdam, Utrecht, The Hague, Nijmegen, and Arnheim. In addition, the company says it will use part of the funds to recruit new talent to enable seamless customer service. 

“With this investment, our team can take the next major step towards the realisation of our mission: making cities more liveable, healthier and safer,” says CEO Erik de Winter. “Besides capital, the investors bring extensive experience and knowledge of the sharing economy, the public sector and mobility to the table. We all share the same vision and values.” 

Cargoroo: What you need to know

Founded by Jaron Borensztajn, Erik de Winter, and Jelle Maije, Cargoroo offers e-cargo sharing bikes that are safe, affordable, environmentally friendly, and convenient. Electric cargo bikes are present at fixed locations and one can rent them as per their needs via an app.

The company focuses on those who need a cargo bike from time to time, such as parents who want to make an excursion with their kids, people looking to move heavy or large objects, or students moving into student accommodation. 

Cargoroo says its user base has grown threefold over the past year. Together, these users covered a distance of over 1,500,000M kilometres. 

Currently, Cargoroo is present in Amsterdam, Utrecht, Den Haag Arnhem, Nijmegen, Antwerpen, Leuven, Mechelen, Manchester, Berlijn, and Eindhoven.

Investors

Participatiefonds Duurzame Economie Noord-Holland (PDENH) invests as public funds in the North Netherlands to develop and initiate contributions to energy transit, circular economy, and sustainable mobility in the region. 

Joost de Waard, Investment Manager PDENH: “Using an e-share cargo bike is a viable alternative to driving a car in Europe’s densely populated inner cities. We believe Cargoroo – as the market leader in this sector – will be able to roll out this concept on a large scale. In addition to reducing carbon emissions, the yellow cargo bikes also contribute to a healthier lifestyle for their users!” 

Fairtree Elevant Ventures is a European investment fund focused on accelerating ambitious, growth-oriented companies preparing to scale. 

David Evans, Managing Director of Fairtree Elevant Ventures, says, “Cargoroo has consistently shown significant performance in the e-share cargo bike field. It has grown rapidly year on year since its inception and is now looking further afield to scale into Germany and France. The success of this new round of investment is a testament to our belief in the company. Cargoroo’s strong focus on enabling greater mobility, healthier cities and better lifestyles align with our broader portfolio of businesses that operate in the sustainability sector. The Sharing Group and Participatiefonds Duurzame Economie Noord-Holland (PDENH) are joining us in this financing round, both of whom we are pleased to partner with as Cargoroo continues to scale across the continent.”

The Sharing Group is dedicated to making sharing products and services sustainable and effortless.

Joost van Rooij, CMO The Sharing Group: “When it comes to shared mobility, MyWheels is the best-known brand in our portfolio. Our investment in Cargoroo seamlessly ties into this, as both concepts contribute to reducing the number of cars on urban streets and improving the liveability of our cities.”