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Irish shared bike brand Moby has just secured €4 million worth of investment in its latest funding round.
Moby, based in Dublin, has announced the result of its €5 million pre-Series A round to help secure its international expansion.
The company launched its first public bike sharing scheme in Dublin in 2020, and soon after began providing delivery riders with e-bikes.
In its latest funding round, Moby secured €4.1 million to support its growth plans across central Europe, where it has recently bolstered its management and sales teams.
Thomas O’Connell, founder and CEO of Moby, said: “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. Traditional micromobility companies have raised significant venture capital funding but have struggled to find profitability. Whereas Moby raised very little capital and got to profitability quickly. Today we are one of the few micromobility companies in the world that are actually profitable, something we are very proud of and our new investors have been impressed by. It hasn’t been without a lot of hard work, believe me, scaling to five countries in two years while bootstrapped, has not been easy!”
This investment follows a €1.2million seed round in late 2020, which saw the company raise €800,000 via crowdfunding and a combination of debt/asset finance and individual investors.
Now with operational bases in Ireland, the UK, Holland and the USA, the company has a fleet of over 4,000 e-bikes, e-cargo bikes and EAVs (Electric Assisted Vehicles).
With the pandemic over, the company’s bike sharing business in Ireland has also expanded to regional cities and towns.
Read more: E-scooter popularity expected to grow despite challenges, reports IDTechEx
Davin Browne, CEO of Selenean Capital and investor in Moby, said: “Selenean were thrilled to lead the latest round of investment in Moby, a true game-changer in the B2B e-bike space. 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. We are confident that Moby’s impressive growth and success to date is just the beginning, and we look forward to working closely with their talented team as they continue to revolutionise the industry.”
