Micromobility provider Dott has announced a US$70m extension to its Series B funding round. This brings the total Series B funding raised to over $150m in a mix of equity and asset backed debt, including the $85m announced in the Spring of 2021.
The extended round was jointly led by new investor abrdn and existing investor Sofina. Other existing investors, including EQT Ventures and Prosus Ventures also participated in the round.
Dott was created in October 2018 and has since grown its operations to cover 36 cities in 9 countries across Europe. At the end of 2021, Dott added 10,000 e-bikes to its fleet of over 40,000 e-scooters, broadening its offering and providing more choice to its riders, who took 130% more trips than in 2020.
As micro-mobility use continues to grow across Europe, the new investment enables Dott to accelerate the roll out of its new e-bikes, invest in product development to improve the user experience and expand into new cities and countries.
The additional backing demonstrates investor support for Dott’s unique approach to micro-mobility. Pioneering a model using entirely in-house operations, Dott has greater control over the quality of its logistics and vehicle maintenance, resulting in a safer and more reliable service for its users.
Dott prioritizes the safety of its riders, other road users and pedestrians, collaborating closely with the cities it operates in to offer a service adapted to the needs of each city. Consistently measuring and reducing its impact on the environment, Dott offers the most efficient way to get around whilst reducing pollution and congestion in cities.
“We reached a significant milestone for our business in 2021, launching e-bikes to extend our offer with a vehicle that is more familiar to many people and broadens the appeal of our service,” says Henri Moissinac, co-founder and CEO of Dott. “Starting 2022 with additional funding will propel our growth and allow us to offer environmentally friendly travel to more people. We look forward to working with our new investor, abrdn, alongside our existing partners to expand our reach and help achieve fresher air and less traffic for everyone.”
Alistair Watson, head of strategy innovation, private equity, abrdn, says: “Environmental, social and governance considerations are at the heart of our process as we seek the most sustainable investment opportunities globally. We felt that Dott is well positioned to be a leader in the category, offering a high quality product that has been recognised with significant growth in 2021, alongside a responsible business model which takes a rigorous approach to minimizing its carbon footprint.”
Harold Boël, CED of Sofina, says: “Consumers need convenient and clean alternatives to move around cities, and European cities are evolving to encourage these alternatives. As people change their habits and cities adapt their mobility strategy, we at Sofina are convinced that Dott is well positioned to enable sustainable mobility with its fleet of shared clean vehicles, responsibly integrated into cities. Supporting Dott’s expansion is fully aligned with our intent to contribute to a more sustainable future.”