E-Scooter Startup Company Dott Gains $85 Million for Product and Business Expansion

By McKenzie Carpenter Tuesday, April 20, 2021

Dott, an electric scooter startup company, announced the business raised $85 million to assist in further product and business growth.

Person using an e-scooter.

What Is Dott?

Founded in 2018, Dott is a micromobility app startup. The business claims it is helping make the world a better, cleaner place by offering last-mile e-scooter rides in highly-congested, polluted urban areas.

The mission to improve the environment is apparent as the startup app company also has been working toward carbon neutrality. Dott had a goal of reducing its carbon footprint 56% by 2020 through the use of renewable energy and recycling all e-scooter parts. The company has reportedly achieved this goal.

In addition to carbon neutrality goals, the e-scooters startup company also places importance on safety. The micromobility business states that all scooters are inspected by its team of experts every 10 journeys with complete overhauls every 500 journeys in conjunction with regular maintenance.

Operating in 30,000 locations in five countries across Europe, riders of the Dott e-scooters must be 18 years or older. Through the app, riders can unlock e-scooter rental access for a cost as little as €1 ($1.21), and €0.19 ($0.23) per every minute after that.

Dott is competing against other micromobility startup companies like Bird and Lime. In November of last year, Startup Savant reported that Bird was in talks to go public through a special purpose acquisition company (SPAC) deal. Additionally, Lime revealed last month a $50 million expansion investment that would help launch electric bicycles, shortly after announcing electric mopeds.

Product and European Expansion

Today, the micromobility business announced it raised $85 million in a Series B financing round led by Sofina and co-led by Estari. Other new, existing, and angel investors also participated.
“We’ve shown in the first two years that we can offer a great service for users, good for the planet and good for European cities,” said Henri Moissinac, CEO and co-founder of Dott, said in a statement.

With the new capital, the e-scooters business plans to improve its current infrastructure alongside expanding into new markets in Spain and the United Kingdom (UK). In addition, the app company also appointed a Sustainability Board to monitor Dott and help make it the most sustainable micromobility service in Europe. Furthermore, the new financing will help Dott launch new e-bikes in its European locations this summer.

“We are confident about our future partnership with Dott. We were impressed by the management and look forward to helping the company shaping the future of urban transportation...” Harold Boël, CEO of Sofina, added in a statement.

The Industry

Micromobility has become a popular method of transportation as startup companies are popping up around the globe in congested urban cities. Universities have also adopted micromobility transport for students to navigate around campus.

In a 2019 McKinsey & Company report, it stated that micromobility stakeholders had invested more than $5.7 billion in the industry since 2015. Furthermore, the US micromobility market is projected to be worth between $200 billion to $300 billion by 2030. In Europe, the market is expected to reach $100 billion to $150 billion by the same time.

About the Author

Headshot for author McKenzie Carpenter

McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.

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