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.