European micro-mobility company Dott has announced a $70m extension to its series B funding round, bringing the total to more than $150m.

Dott was created in October 2018 and has since grown its operations to cover 36 cities in nine countries across Europe. At the end of 2021, Dott added 10,000 e-bikes to its fleet of over 40,000 e-scooters, broadening its offering and providing more choice to its riders, who took 130% more trips than in 2020.

As micro-mobility use continues to grow across Europe, the investment enables Dott to accelerate the roll out of its e-bikes, invest in product development to improve the user experience, and expand into new cities and countries.

The additional backing demonstrates investor support for Dott’s approach to micro-mobility. Pioneering a model using entirely in-house operations, Dott has more control over the quality of its logistics and vehicle maintenance, resulting in a safer and more reliable service for its users. 

The company says it prioritises the safety of its riders, other road users and pedestrians, collaborating closely with the cities it operates in to offer a service adapted to the needs of each city.

“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,” said Henri Moissinac, CEO of Dott. “Starting 2022 with additional funding will propel our growth and allow us to offer environmentally friendly travel to more people.”

This mix of equity and asset backed debt includes the $85m announced in spring 2021. The extended round was jointly led by new investor Abrdn and existing investor Sofina. Other existing investors, including EQT Ventures and Prosus Ventures, also participated in the round.

“Environmental, social and governance considerations are at the heart of our process as we seek the most sustainable investment opportunities globally,” said Alistair Watson, head of strategy innovation for private equity at Abrdn. “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.”

Harold Boël, CEO of Sofina, added: “Consumers need convenient and clean alternatives to move around cities, and European cities are evolving to encourage these alternatives. As people change their habits and cities adapt their mobility strategy, we at Sofina are convinced that Dott is well positioned to enable sustainable mobility with its fleet of shared clean vehicles, responsibly integrated into cities. Supporting Dott’s expansion is fully aligned with our intent to contribute to a more sustainable future.”

Dott was founded by Henri Moissinac and Maxim Romain, and operates more than 40,000 e-scooters in Belgium, Finland, France, Germany, Italy, Norway, Poland, Spain and the UK, and has been launching a fleet of 10,000 e-bikes since autumn 2021. Dott has won two of the biggest micromobility tenders in the world, in Paris and London. The firm has a staff of over 500, with its main teams located in Amsterdam, London and Paris.