Tuesday, December 5, 2023
HomeBusiness InnovationExpansion plans underway for Dott raises an extra $70 million in funding

Expansion plans underway for Dott raises an extra $70 million in funding

Key Highlights:

  • Dott secures an extra $70 million funding.
  • The amount will be utilized to roll out new e-bikes and expansion plans.
  • Dott has managed to raise around $210 million by far.

Dott, the renowned e-bike rental firm, has managed to raise an extra $70 million in series funding. This amount will be dedicated to working over new e-bikes and also expanding the company in new countries with more offerings.

Previously, in Series B funding managed to raise $85 million last year. with the extra funding, Dott has by far raised $210 million.

Henri Moissinac, the Chief Executive of Dott stated: “We’re all on this crusade against personal cars. We want to make it super simple for anyone who wants to ditch their own car to have other transportation modes.”

E-bikes trend globally expanding

The global e-bike rental operators Bird Global Inc. was listed in November, and Lime which will be going public this year are the two largest players in this niche.

After the drastic events of COVID-19, the ride numbers are gradually returning to normal. The business is further expected to see growing consolidation as players scale up to tackle the regulations from cities trying to adjust to e-bikes.

Dott Aiming for expansion

The extra funding for Dott was led by an existing investor Sofina (SOF.BR) and a new investor abrdn (ABDN.L). In the latest round, one of its existing investors Prosus Ventures also participated.

Company currently has around 40,000 e-scooters and 10,000 e-bikes that operate in 36 cities across 9 European countries. It has recently partnered with FREE NOW—a European platform offering ride-hailing and taxi services.

Dott is seeking partners that will further help in enhancing the shared mobility to consumers. Furthermore, it will be expanding in France and Scandinavia and possibly Israel, the Netherlands with e-bikes only.

Also Read: 5 biggest electric bike stories 

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