Dott, an Amsterdam-based micro-mobility company, announced that it has raised a $70M (approx €62.2M) extension to its Series B funding round, bringing the total raised to over $150M (approx €133M) in a mix of equity and asset-backed debt.
The latest funding round was jointly led by new investor abrdn and existing investor Sofina. Other existing investors, including EQT Ventures and Prosus Ventures, also participated.
Dott says the capital injection will enable it to accelerate the rollout of its new e-bikes, invest in product development to improve the user experience and expand into new cities and countries.
Henri Moissinac, co-founder and CEO of Dott, says, “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.”
Dott: What you need to know
Founded in 2018 by Henri Moissinac and Maxim Romain, Dott is a micro-mobility operator with a mission to free cities with clean rides for everyone. With speeds up to 25kph, e-bikes provide an efficient way to move across a city, free from congestion and without causing pollution.
Since its inception, the company has grown its operations to cover 36 cities in 9 countries across Europe – Belgium, Finland, France, Germany, Italy, Norway, Poland, Spain, and the UK.
At the end of 2021, Dott added 10,000 e-bikes to its fleet of over 40,000 e-scooters, providing more choice to its riders, who took 130 per cent more trips than in 2020.
The startup has a staff of 350 people, with its main teams located in Amsterdam, London, and Paris. Recently, Dott won two of the biggest micro-mobility tenders in the world – in Paris and in London.
In October, 2021, the company announced the appointment of Sven Jaspers as its new General Manager for the Netherlands.
Alistair Watson, Head of Strategy Innovation, Private Equity at abrdn, says, “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 minimising its carbon footprint.”
Harold Boël, Chief Executive Officer of Sofina, says, “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.”