Dott has raised a brand new $85 million Sequence B funding spherical — this spherical is a mixture of fairness and asset-backed debt financing. Belgium-based funding firm Sofina is main the funding. Dott is a micromobility startup that’s higher recognized for its colourful electrical scooters that yow will discover throughout a number of European cities.
The corporate operates a fleet of 30,000 electrical scooters in 5 cities. Customers can obtain a cellular app and unlock a scooter via the app. The corporate prices an unlocking payment in addition to a per-minute value.
Throughout its early days, Dott positioned itself as a capital-efficient, sustainable e-scooter firm. It has raised lots much less cash than Chook or Lime and it has taken a distinct strategy on the subject of operations.
For example, Dott has at all times had its personal warehouses to cost and restore autos. The startup doesn’t work with third-party logistics suppliers. Dott has employed its personal in-house workforce of logistics staff.
Equally, Dott tries to restore, reuse and recycle scooters as a lot as potential. Due to swappable batteries and electrical vehicles, the corporate tries to maintain its CO2 emissions as little as potential within the cities the place it operates.
Because of this, the corporate has gained permits to function in Paris and Lyon following tender processes. General, the corporate operates in a dozen cities in France, Italy, Belgium, Germany and Poland. Tier, a European competitor, has been increasing extra aggressively and has raised $250 million in November 2020.
Along with Sofina, new and present buyers embrace EQT Ventures, Prosus Ventures, Aberdeen Normal Investments, Estari, Expon Capital, Felix Capital, FJ Labs, Make investments-NL, McRock Capital and Quadia.
With right now’s funding spherical, the corporate plans to increase past e-scooters with a brand new bike-sharing service. Dott already shared pictures of its e-bike. It must be launching this summer time.
Dott additionally plans to increase to different cities and nations, beginning with Spain and the U.Ok. As you possibly can see, Dott doesn’t need to launch 100 cities without delay. It’s slowly rolling out its service in new cities. It’s at the moment EBIT constructive throughout all cities and Dott most likely needs to maintain it this manner.