Dutch micro-mobility company Dott, has announced a $70m extension to its Series B funding round. This brings the total Series B funding raised to over $150m in a mix of equity and asset backed debt.
The extended round was jointly led by UK-based global investment company and new investor abrdn along with and existing investor Sofina. Other existing investors, including EQT Ventures and Prosus Ventures also participated in the round.
Dott was created in October 2018 and has since grown its operations to cover 36 cities in 9 countries across Europe. It currently operates over 40,000 e-scooters in major cities in Belgium, Finland, France, Germany, Italy, Norway, Poland, Spain, the UK and last Autumn launched a fleet of 10,000 e-bikes.
The new investment will enable Dott to accelerate the roll out of its new e-bikes, invest in product development to improve the user experience and expand into new cities and countries.
Dott says the additional backing demonstrates investor support for its model of using entirely in-house operations. This, it says, gives it greater control over the quality of its logistics and vehicle maintenance, resulting in a safer and more reliable service.
Alistair Watson, Head of Strategy Innovation, Private Equity, 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 minimising its carbon footprint.”
Henri Moissinac, Co-Founder and CEO, Dott added, “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.”