AppScooter company Etergo strapped for cash, hopes to get acquired

The cab-hailing services such as Uber caused a disruption in the world of taxis in recent years. Apart from taxis, the mobility market witnessed a rapid change with emerging tech trends such as electric vehicles and autonomous vehicles. Undoubtedly, electric scooters offering great level of convenience has taken the industry by storm.

When it comes to electric scooters, the Dutch startup Etergo founded by Bart Jacobsz Rosier and Marijn Flipse is highly popular across the world. The company is known for making AppScooter, a fully electric scooter. Despite this popularity, it looks like Etergo is strapped for cash.

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Heads up about AppScooter

Previously known as Bolt Mobility, this company showcased the final variant of the AppScooter, their first electric scooter last year. The AppScooter is the world’s first electric scooter to run Android apps. Furthermore, it comes with inbuilt GPS, access to 4G connectivity and electrically controlled locks.

Seeks additional capital

Back in 2019, Etergo raised its last online investment round for the mass production of the electric scooters and launch of the same in the Dutch and German roads. And, thogh it received enough popularity, it has been announced by the mobility startup that this is not sufficient. The company notes that it is tough to disrupt automotive hardware and requires huge capital. It is for this reason that Etergo is working towards acquiring the required additional capital.

Plans international rollout

The maker of AppScooter is looking for a professional fundraising firm that will help in its international expansion. The investor-partner is expected to help finance its European rollout of the AppScooter in the second quarter of the year and accelerate Asian expansion plans too.

This way, the mobility startup aims to execute its vision and have a meaningful impact in realising sustainable energy and personal transport. Currently, Etergo is in talks with professional investor partners and its options range from minority or majority investments to a complete acquisition.

H/T: Sprout

Main image picture credits: Etergo

Stay tuned to Silicon Canals for more European technology news.

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