Skip to main content

Cityscoot raises another $25.6 million for its electric moped service

French startup Cityscoot is raising a $25.6 million (€23.6 million) funding round from Allianz France, Demeter as well as existing investors Groupe RATP and Banque des Territoires. The startup is also raising at least $6.5 million (€6 million) in debt in order to finance its service.

Cityscoot is a free-floating electric scooter service (moped scooters). Users can locate and unlock scooters using a mobile app. You can then park it and lock it again.

The service is currently live in Paris, Nice, Milan and Rome. With today’s funding round, the startup plans to expand to two new European cities, starting with Barcelona in May 2020. Cityscoot will operate a fleet of 8,000 scooters.

In Paris alone, Cityscoot handles 15,000 to 25,000 trips per day. Each trip lasts 15 minutes on average. Given that you pay €0.24 to €0.34 per minute, it means that Cityscoot is generating tens of thousands of euros of revenue per day in Paris.

Over the past few months, Cityscoot has partnered with Uber so that you can locate and unlock scooters straight from the Uber app. It looks like the integration isn’t live yet.

Cityscoot’s main competitor Coup shut down a couple of months ago. “Even though Coup is a well-known brand in this market with a loyal customer base that regularly uses our services, operating Coup in the long term has become economically unsustainable,” the company said at the time.

Unit economics could be the reason why Cityscoot recently raised its prices. If you don’t top up your account, you now pay €0.34 per minute instead of €0.29 per minute. You pay less if you buy prepaid packages. This could be a great way to foster recurring use.



from Startups – TechCrunch https://ift.tt/32sGjHa
Labels:

Comments

Post a Comment

Popular posts from this blog

Thousands of cryptocurrency projects are already dead

Two sites that are actively cataloging failed crypto projects, Coinopsy and DeadCoins , have found that over a 1,000 projects have failed so far in 2018. The projects range from true abandonware to outright scams and include BRIG , a scam by two “brothers,” Jack and Jay Brig, and Titanium , a project that ended in an SEC investigation. Obviously any new set of institutions must create their own sets of rules and that is exactly what is happening in the blockchain world. But when faced with the potential for massive token fundraising, bigger problems arise. While everyone expects startups to fail, the sheer amount of cash flooding these projects is a big problem. When a startup has too much fuel too quickly the resulting conflagration ends up consuming both the company and the founders and there is little help for the investors. These conflagrations happen everywhere are a global phenomenon. Scam and dead ICOs raised $1 billion in 2017 with 297 questionable startups in the mix. The...
Post a Comment
Read more

Dance launches its e-bike subscription service in Berlin

German startup Dance is launching its subscription service in its hometown Berlin. For a flat monthly fee of €79 (around $93 at today’s exchange rate), users will get a custom-designed electric bike as well as access to an on-demand repair and maintenance service. Founded by the former founders of SoundCloud and Jimdo , the company managed to raise some significant funding before launching its service. BlueYard led the startup’s seed round while HV Capital (formerly known as HV Holtzbrinck Ventures) led Dance’s €15 million Series A round, which represented $17.7 million at the time. E-bike subscription service Dance closes $17.7M Series A, led by HV Holtzbrinck Ventures The reason why Dance needed so much capital is that the company has designed its own e-bike internally. Called the Dance One, it features an aluminum frame and weighs around 22kg (48.5lb). It has a single speed and it relies on its electric motor to help you go from 0 to 25kmph. And the best part is that you ...
Post a Comment
Read more

Axeleo Capital raises $51 million fund

Axeleo Capital has raised a $51 million fund (€45 million). Axeleo first started with an accelerator focused on enterprise startups. The firm is now all grown up with an acceleration program and a full-fledged VC fund. The accelerator is now called Axeleo Scale , while the fund is called Axeleo Capital . And it’s important to mention both parts of the business as they work hand in hand. Axeleo picks up around 10 startups per year and help them reach the Series A stage. If they’re doing well over the 12 to 18 months of the program, Axeleo funds those startups using its VC fund. Limited partners behind the company’s first fund include Bpifrance through the French Tech Accélération program, the Auvergne-Rhône-Alpes region, Vinci Energies, Crédit Agricole, BNP Paribas, Caisse d’Épargne Rhône-Alpes as well as various business angels and family offices. The firm is also partnering with Hi Inov, the holding company of the Dentressangle family. Axeleo will take care of the early stage in...
Post a Comment
Read more