It surely is a good era for startups as more investors are taking the plunge to supporting an upcoming business. You can now add one more to the list as the Spanish micromobility startup MOVO has secured €20 million in Series A funding round. The company currently operates in five countries and will be utilising the fresh funds to expand their business and reach to new countries. MOVO is an E-scooter and moped sharing platform that provides last mile connectivity to users. Here’s what you need to know about the booming startup.
How does MOVO operate?
The company rents out electric mopeds and scooters to its users via its Movo app, which is available for download via Play Store and App Store. Users simply need to download and set up the app. They can then validate their driving license from within the app if they are hailing an electric bike. The service is operational 24 hours a day and their vehicles can directly be unlocked by scanning a QR code. MOVO is owned by Cabify, the ride-hailing service.
Details of fresh funding
MOVO secured €20 million in Series A round of funding, which was led by Seaya Ventures, Cabify, and Mutua Madrileña. The company currently operates in Spain, Mexico, Chile, Colombia and Peru. With the influx of fresh funds, it aims to expand its services in Brazil, Argentina, and Uruguay. The company aims to offer its service to a total of 10 countries by the end of this year.
What investors and company executives say
“We are very excited to be able to offer a solution to the problems of mobility in cities, particularly for short distances in areas with high population density,” says the company’s CEO, Pedro Rivas. “We are committed to working together with governments to complement mass public transport with these new micromobility alternatives, so that people can get around in a more sustainable and efficient way.”
Javier Mira, general director of Mutua Madrileña, says, “The equity investment in Movo reflects Mutua Madrileña’s aspiration to respond to the new mobility needs that are emerging, and to the economic and social changes that are occurring and that are transforming our life habits.”
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