Movo grabs $22.5M to get more cities in LatAm scooting
Madrid-based micromobility startup Movo has closed a €20 million (~$22.5M) Collection A funding spherical to speed up worldwide enlargement.
The 2017-founded Spanish startup targets cities in its house market and in markets throughout LatAm, providing last-mile mobility through rentable electrical scooters (e-mopeds and e-scooters) plotted on an app map. It’s a subsidiary of native ride-hailing agency Cabify, which supplied the seed funding for the startup.
Movo’s Collection A spherical is led by two new traders: Insurance coverage agency Mutua Madrileña, likely spying strategic funding potential in serving to diversify its enterprise by rising the marketplace for people to scoot round cities on two wheels — and VC fund Seaya Ventures, an early investor in Cabify.
Each Mutua Madrileña and Seaya Ventures at the moment are taking a seat on Movo’s board.
Commenting on the Collection A in a press release, Javier Mira, basic director of Mutua Madrileña, stated: “The equity investment in Movo reflects Mutua Madrileña’s aspiration to respond to the new mobility needs that are emerging, and to the economic and social changes that are occurring and that are transforming our life habits.”
Movo at the moment operates in six cities throughout 5 nations — Spain, México, Colombia, Perú and Chile.
It first launched an e-moped service in Madrid a 12 months in the past, based on a spokeswoman, and has since expanded home operations to the southern Spanish coastal metropolis of Malaga, in addition to using into Latin America.
The brand new funding is generally pegged for additional worldwide enlargement, with a plan to broaden into new markets in LatAm, together with Argentina, Brazil and Uruguay. Movo is focusing on working in a complete of 10 nations by the tip of 2019.
The Collection A may even be used to develop its automobile fleet in present markets, it stated.
“We are very excited to be able to offer a solution to the problems of mobility in cities, particularly for short distances in areas with high population density,” stated CEO Pedro Rivas in a press release. “We are committed to working together with governments to complement mass public transport with these new micromobility alternatives, so that people can get around in a more sustainable and efficient way.”
Commenting on its funding within the Cabify subsidiary, Seaya Ventures’ Beatriz Gonzalez, founder and managing accomplice, stated the fund is “committed to the evolution of mobility towards sustainable alternatives in the world’s major cities.”
“We want to be part of the transport revolution by promoting projects like Cabify and, of course, Movo,” she stated in a press release, which seeks to color micromobility as an answer for city congestion and poor air high quality. “We are motivated to continue to promote companies with which we share this sense of responsibility towards the development and improvement of people’s quality of life.”