Dott, the European micro-mobility company, has secured a EUR30 million Series A funding round co-led by existing investors the EQT Ventures fund (EQT Ventures) and Naspers, a global consumer internet group. Other investors include existing investors Axel Springer Digital Ventures, Felix Capital, FJ Labs, U-Start Club and angel investors.
Dott is currently operating in Brussels, Paris and Lyon, with a first pilot in Milan as well. The new round of investment confirms the strategy initiated by Dott’s French co-founders Maxim Romain and Henri Moissinac: along with a strong collaboration with municipalities and local mobility ecosystems, design vehicles specifically for sharing, operate the business in a responsible way (fully integrated operations – no juicers, recharge only in a safe environment) and in a sustainable manner (repair all scooters).
This leads to very promising usage. For instance, in Paris, the average distance per trip is 3.2 km and the average trips per scooter per day is at 4 during weekdays and up to 6.5 during weekend days. This shows people love our Dott scooters and use them as a real means of transportation.
Safety is also a key part of this strategy. Along with offering a more stable scooter with bigger wheels (10 inches), lower centre of gravity and double-brake system, Dott is the first company to offer comprehensive insurance coverage to its users in France and Belgium (coming soon in Italy) in partnership with Zego (Insurtech leader) and La Parisienne Assurances. This insurance covers both personal injury and third-party liability. The insurance is automatically integrated in the sign-up process for new riders and before the next trips for the existing riders, with no extra cost.
“We’ve shown in the first months that we can offer a true alternative in European cities, taking the lead both in terms of sustainability and best user experience,” says Maxim Romain, CEO, and co-founder, Dott. “We think we have a winning combination now, starting with our great results in Paris, along with scooters designed for shared mobility and fully integrated operations from start. Our aim is now to accelerate, take the full lead in cities where we operate, expand to new countries and launch our own Dott e-bike as well as the two next generations of e-scooters in the coming months.”
“Over the last six months, Dott’s world-class team has proved they can develop and deliver the best product in the market, iterate quickly, and execute on their ‘locals with locals’ approach to ensure each roll-out meets the needs of the city it’s in. All while maintaining their focus on safety and ensuring that micro-mobility is environmentally friendly,” said Lars Jörnow, partner and investment advisor at EQT Ventures. “EQT Ventures looks forward to supporting the team as Dott expands into new countries and launches new offerings.”
“The dense nature of cities in Europe is ideal for e-scooter and e-bike sharing for short commutes – most trips are much more efficiently covered than with a car,” says Martin Tschopp, COO, Naspers Ventures. Dott has experienced good traction in its first few months of operation and is leading with a local, sustainable and safety-first mindset, which is appealing to Naspers.”
