Shared transport operator Dott has raised an additional $70 million in its Series B funding, bringing the total raised to $150 million this round.
Founded in 2018, Dott now operates in 36 cities and nine countries across Europe, including a fleet of e-scooters and e-bikes in London.
After announcing $85 million (£62 million) of investment in spring 2021, this week Dott confirmed an extension to the Series B funding round, totalling a further $70 million (£51 million).
The Amsterdam-based company said it plans to use the cash to accelerate the roll-out of its new e-bikes, invest in the development of its user experience, and expand into new cities and countries.
Henri Moissinac, co-founder and CEO, Dott, said: “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. 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.”
The new investment was led by Scottish-based investment firm Abrdn, and existing investor, Belgian holding company Sofina. Other existing investors including EQT Ventures, and Prosus Ventures also took part in the funding round.
Alistair Watson, head of strategy innovation, private equity at Abrdn, said: “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.”
In late 2021, Dott added 10,000 e-bikes to its existing fleet of 40,000 e-scooters.
Dott riders also took 130% more trips last year than in 2020.
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Sofina CEO Harold Boël, said: “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.”