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Drop Mobility, a growing e-bike share company that allows cities to purchase or lease e-bikes, has landed a growth funding package from Decathlon Capital Partners to support its continued expansion.
Details of the revenue-based investment package have not been disclosed.
Drop Mobility will use the capital to expand to new cities and accelerate product development timelines.
The e-bike share company allows cities, towns, or transit agencies to purchase or lease its e-bikes and subscribe to software on long-term contracts, giving the city or agency the ability to manage the programmes and set prices for its users.
Drop Mobility also provides operating services for maintaining the bike-share system, including rotating and servicing bikes and providing a smartphone app for users.
Qiming Weng, chief executive officer and co-founder of Drop Mobility, said: “With the capital from Decathlon, we will be able to speed up product development timelines that can let us deliver an even more resilient, recycle-able, and sustainable e-bike share experience.”
With offices in San Francisco and Toronto, Drop Mobility will repay its investment from Decathlon Capital Partners through its future revenues.
Dipesh Dar, chief operations officer and co-founder of Drop Mobility, said: “Drop will be able to reach more communities and deliver larger projects quicker, helping us meet our goal of accelerating the multi-modal transit transition across North America.”
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Drop Mobility was not required to give up any control of the company, and no equity or ownership was exchanged for the growth capital.
Matt Hoffman, vice president of Decathlon Capital Partners, added: “Working with rapidly expanding businesses like Drop Mobility that aim to make a difference in the world through sustainable practices is something that we at Decathlon are proud to support. We can’t wait to see what the future holds for Drop Mobility.”
