Dott, a European micro-mobility company, announced on Thursday, 04 July 2019 a commitment for a $34 million Series A funding. The investment is co-led by existing investors EQT Ventures and Naspers Ventures. Other investors include Felix Capital, Axel Springer Digital Ventures, Angel Investors, U-Start Club and FJ Labs.
The $34 million investment will be used to:
- Accelerate the go-to-market for Dott’s custom-designed products:
- E-bike: the design is complete and pre-production is complete. Dott’s e-bike will release within months and is produced in China and Europe and is assembled in France.
- E-scooter generations 2 and 3: Gen 2 will be available by the end of 2019 and will include a swappable battery. Gen 3 is currently in design and will be available in 2020.
- Continue investing in the best service available, in-house operations and innovative warehouses and repair workshops.
- Launch in additional cities: Dott will launch in select cities in Germany, the UK and the Netherlands within the coming months. Dott is currently operating in Lyon, Brussels and Paris with a first pilot in Milan.
Along with offering a more stable scooter and bigger wheels, lower centre of gravity and a double-brake system, Dott aims to be the first company to offer comprehensive insurance coverage to its users in Belgium and France. This service will be in partnership with Zego and La Parisienne Assurances. This insurance will cover both personal injury and third-party liability. The insurance is automatically integrated into the sign-up process for new riders and before the next trips for existing riders with no extra cost.
“We’ve shown in the first months that we can offer a true alternative in European cities, taking the lead both in terms of sustainability and best user experience. We think we have a winning combination now, starting with our great results in Paris, along with scooters designed for shared mobility and fully integrated operations from start. Our aim is now to accelerate, take the full lead in cities where we operate, expand to new countries and launch our own Dott e-bike as well as the two next generations of e-scooters in the coming months,” said Maxim Romain, CEO and co-founder of Dott.
“Over the last six months, Dott’s world-class team has proved they can develop and deliver the best product in the market, iterate quickly, and execute on their ‘locals with locals’ approach to ensure each roll-out meets the needs of the city it’s in. All while maintaining their focus on safety and ensuring that micro-mobility is environmentally friendly. EQT Ventures looks forward to supporting the team as Dott expands into new countries and launches new offerings,” said Lars Jörnow, partner and investment advisor at EQT Ventures.
“The dense nature of cities in Europe is ideal for e-scooter and e-bike sharing for short commutes – most trips are much more efficiently covered than with a car. Dott has experienced good traction in its first few months of operation and is leading with a local, sustainable and safety-first mindset, which is appealing to Naspers,” said Martin Tschopp, COO of Naspers Ventures.
Edited by Kojo Essah
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