Most of Europe is now recovering faster from the coronavirus and startups in different sectors are thriving again. One of the sectors that is on the rise is micro-mobility, especially since it enables people to maintain social distancing while travelling short distances. And this where Amsterdam-based micro-mobility company Dott is looking to make its mark.
Dott raises funding
In a recent development, the Dutch micro-mobility company has announced that it has raised $85M (approx €70.47M) in its Series B round of funding. The round was led by Sofina, a Belgium-based investment company listed on Euronext Brussels, and a supportive partner of entrepreneurs and families managing growing companies.
In addition, new and existing investors also participated in this round including EQT Ventures, Prosus Ventures, Aberdeen Standard Investments, Estari (as co-lead), Expon Capital, Felix Capital, FJ Labs, Invest-NL, McRock Capital, Quadia, and various angel investors.
The investment comprises a mix of equity and asset-backed debt financing.
Back in July 2019, the startup had raised €30M in its Series A round of funding. The round was co-led by existing investors the EQT Ventures fund and Naspers. Other investors also included existing investors Axel Springer Digital Ventures, Felix Capital, FJ Labs, U-Start Club, and angel investors.
Funds to focus on sustainability
The raised capital will enable Dott to enhance its services for its customers. In addition, the startup will also invest in launching new micromobility vehicles in European cities, starting with e-bikes in summer 2021. The Amsterdam-based company will also expand its services to new cities and countries such as Spain and the UK.
Besides, Dott claims to raise the industry standards on sustainability. Hence, it has also announced a newly appointed ‘Sustainability Board’, which, it claims, is an industry first. The Board aims to lead with concrete actions in order to provide sustainable mobility service to transform European cities.
Henri Moissinac, CEO & co-founder of Dott, says, “We’ve shown in the first two years that we can offer a great service for users, good for the planet and good for European cities. We think we have a winning formula now, combining operational excellence, hardware & software expertise, collaboration with city stakeholders, and capital efficiency. Thanks to our new and existing investors, our aim is now to accelerate, serve more users and more cities, in the most reliable and affordable way possible.”
To provide cleaner and greener cities for current and future generations
Founded in October 2018 by Henri Moissinac and Maxim Romain, Dott is a European micromobility operator with a mission to free cities with clean rides for everyone.
Currently, the platform operates over 30,000 e-scooters in cities including Belgium, France, Germany, Italy, and Poland. In July 2020, Dott won two of the biggest micromobility tenders in the world, ranking first both in Paris and in Lyon.
The startup has a staff of 280 people, with its main teams located in Amsterdam, London, and Paris.
How is Dott different from its competitors?
According to Dott, this Series B investment is a testament to its differentiated strategy:
1) Capital efficient & profitable growth
With a fraction of the capital raised by peers, Dott claims to have built large, dominant, and profitable strongholds in highly prized micro-mobility markets in Europe.
2) Operational excellence
Since day one, the startup has managed 100 per cent of its operations in-house such as the vehicles, technology, management, maintenance, and control operations. Since everything is in-house, the Dott Operating System focuses on increased safety of the rider, stronger reliability for the city, a better overall user experience, and industry-leading unit economics (EBIT positive across all cities, even during Covid lockdowns).
3) Sustainability focus
Core to Dott’s strategy is delivering a truly sustainable service to its users, cities, and the planet. By reducing its carbon footprint across the entire lifecycle of vehicles – from the supply chain (using the most durable hardware) to street operations (swappable batteries, renewable energy, electric fleet for logistics) to end-of-life processes (“repair, reuse, recycle”) – the company has driven a 56 per cent reduction in CO2 emissions over the past 12 months.
4) Lasting & collaborative partnerships with cities
Dott is a trusted operator in each city the company operates. As a proof point, Dott was selected first in the Paris and Lyon license tenders, two of the largest and most complex cities to operate in Europe.
Martin Tschopp, CEO of Prosus Ventures, says, “When we first partnered with Dott in 2018, we recognised the team was building a sustainable, long-term business that stood out amongst others in Europe and we are excited to continue with them on their journey. Through incorporating top-notch safety and usability features on their e-scooters and e-bikes, offering first-to-market benefits to riders, and working collaboratively with local governments to ensure their solutions work seamlessly within the communities where they operate.”