Irish company Moby Bikes has raised €4m in funding as it plots further international expansion.
The business, which first launched in Dublin in early 2020, now has operational bases in the UK, the Netherlands and the USA.
It currently has a fleet of over 4,000 e-bikes, e-cargo bikes and electric assisted vehicles.
Moby provides bike sharing schemes in Dublin, Athlone, Mullingar and Tullamore, as well as e-bikes for food delivery drivers, an initiative introduced over the pandemic. It has also developed an electric city bike monthly subscription scheme.
Moby also works with businesses, running a bike sharing scheme at Eastpoint Business Park in Dublin. And it operates ESB e-bikes in a number of locations around the city.
The new funding will be used to accelerate the company’s growth across central Europe, particularly in the areas of last-mile delivery, corporate markets and hotels.
The company reported that it has recently increased the headcount of its local management and sales teams in this region.
Moby said new investment will see it expand its bike sharing schemes in Ireland, in locations where it is “profitable to do so”.
New technology, which will focus on app-less rental and new charging opportunities for customers, is a further focus for the group this year.
“This funding is indicative of the investor confidence in our success to date and the large market opportunity we have as city transportation habits continue to shift towards electric bikes,” founder and chief executive Thomas O’Connell said.
“Today we are one of the few micro-mobility companies in the world that are actually profitable,” he added.
The funding round was led by Selenean Capital, with participation from Irish investors including Brian Caulfield.
“As the world continues to prioritise sustainable transportation, Moby is well-positioned to lead the charge with their innovative technology and dedication to providing reliable, eco-friendly solutions to businesses,” Selenean Capital chief executive Davin Browne said.
This investment follows a previous €1.2m seed round which took place in late 2020.
At the time, Moby raised €800,000 via Spark Crowding, as well as a combination of debt and asset finance alongside some individual investors.
This article was written by Caoimhe Gordon and first appeared in the Irish Independent on April 07 2023: