Dott to roll out e-scooter expansion with additional $70 million in funding


Electric scooters from the Dott sharing service are seen at the company’s headquarters in Wissous, near Paris, October 25, 2019. REUTERS/Charles Platiau

Join now for FREE unlimited access to Reuters.com

Register

LONDON, Feb 1 (Reuters) – Electric scooter rental company Dott said on Tuesday it had raised a further $70 million which it will use to roll out new electric bikes, expand into new cities and countries and offer more services.

Amsterdam-based Dott announced $85 million in Series B funding last year and the additional amount brings the total the startup has raised so far to around $210 million.

“We’re all in this crusade against personal cars. We want to make it super simple for anyone who wants to ditch their own car to have other modes of transportation,” Dott chief executive Henri Moissinac told Reuters.

Join now for FREE unlimited access to Reuters.com

Register

The world’s two largest electric scooter rental operators are Bird Global Inc (BRDS.N), which listed in November, and Lime, which aims to go public this year. Read more

The company is expected to see further consolidation as big players expand to navigate tighter regulations from cities trying to accommodate e-scooters. Read more

The number of trips rebounded in 2021 after the COVID-19 pandemic virtually shut down operators for long periods in 2020.

And the scooter rental business is set to undergo further consolidation as larger operators seek greater scale to handle tougher city regulations. Read more

Dott said its additional funding was led by new investor abrdn (ABDN.L) and existing investor Sofina (SOF.BR). Its existing investors, including Prosus Ventures, the venture capital arm of Prosus NV (PRX.AS), also participated in the latest round. I declined to comment on the company’s current valuation.

Dott, which has a fleet of 40,000 e-scooters and 10,000 e-bikes operating in 36 cities in nine European countries, recently partnered with FREE NOW, a European platform that offers carpooling and taxi services.

Moissinac said Dott was looking for more partners “to bring as many shared mobility options to consumers as possible,” adding that it would expand into France and Scandinavia, the Netherlands with e-bikes only and eventually into Israel.

Join now for FREE unlimited access to Reuters.com

Register

Reporting by Nick Carey; Editing by Alexander Smith

Our standards: The Thomson Reuters Trust Principles.

Previous Markets post worst month since 2020 as recovery slows and concerns about rising rates rise – business live | Business
Next Ukraine continues to face cyber espionage attacks from Russian hackers