Berlin-based ONOMOTION, an urban logistics solution startup, announced on Tuesday, December 6, that it has secured €21M in a Series A round of funding. Of this, €6M was raised in equity and €15M in debt.
The equity part comes from Proeza Ventures, na mi GmbH, the European Innovation Council (EIC), and existing investors, whereas the debt fund,in bonds, was provided by GLS Bank.
According to Beres Seelbach, co-founder and CEO of ONOMOTION, the company will pay back the loan after seven years with an annual interest rate of 5.5%, reports TechCrunch.
The German company says it will use the funds to scale the product capacities and sales of the ONO e-cargo bike, and accelerate expansion into other markets.
Kai Brentle, CFO at ONOMOTION, says, “Inner-city logistics is a business that is primarily about efficiency and profitability. Thanks to their modular system and sustainable operation, the e-cargo bikes from ONOMOTION can cover all the needs of city logistics. This brings us closer to our vision of tomorrow’s mobility.”
ONOMOTION: What you need to know
Founded by Beres Seelbach, Murat Günak, and Philipp Kahle, ONOMOTION is a Berlin-based e-mobility firm that has developed the ONO e-cargobike.
The ONO is a three-wheeled e-cargo bike with interchangeable module units and an electric motor. The e-cargo bike comes with 1,400 Wh swappable and rechargeable batteries.
As per the company’s claims, one battery provides a range of 30km and the second optional battery has a range of up to 60 km.
The company classifies this as a pedelec that can achieve speeds of up to 25 km /h with a 200 kg payload. It is allowed to ride on cycle paths and is free of driving licences.
As per the company’s claims, the e-cargobike combines a bicycle’s flexibility with a van’s capacity and durability.
ONOMOTION says it links intelligent networks between micro-mobility, standardised containers, the physical internet, and AI to offer efficient and sustainable logistics solutions.
Currently, ONO E-Cargobike is operated by customers throughout Germany with clients, including UPS, DPD, and Hermes.
The company has 90 employees.
Dirk Kannacher, Member of the Management Board at GLS Bank, says, “Overcrowded, noisy, and exhaust-polluted cities are an impertinence for people and the climate. There have long been safe, quiet, and clean mobility solutions that counteract this: e-cargo bikes are one of them and form an important building block for the traffic turnaround.”