French Electric Scooter Firm Cityscoot Gets $25.6 Million For Expansion

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Cityscoot

Paris, France-based electric scooter startup Cityscoot has announced picking up $25.6 million (€23.6 million) as a fresh round of financing from multiple investors that include the names like Allianz France, Demeter as well as existing investors Groupe RATP and Banque des Territoire. The firm also announced that it is raising around at least $6.5 million (€6 million) in the form of debt which will help them in its service.

Before picking this capital, Cityscoot has raised €40 million in February last year in its Series B round which was co-led by Inventure Partners, RATP Capital Innovation. The current infusion in the firm takes the total amount raised by the company to €78 million.

Founded by Bertrand Fleurose in 2014, Cityscoot offers full access to electric scooters throughout Paris, Nice, Milan, and Rome through its mobile app. The users can locate and unlock the scooters using the app and then after reaching their destination can park and lock it again.

The firm plans to expand its reach into two new European cities, starting with Barcelona in May 2020 using this latest chunk of funding. It plans to operate a fleet of 8,000 scooters.

Cityscoot CEO Bertrand Fleurose talking about the firm says that “We are strengthening the means given to Cityscoot to achieve the objective that I have always set myself: to be a major player in the development of soft mobility in the heart of metropolises.”

Demeter general partner Philippe Detours commenting on investing in the firm said, “Cityscoot team has successfully deployed with undeniable success a new form of soft mobility in the heart of Paris. Through his investment, Demeter wishes to provide Cityscoot with the means to accelerate its development and extend its success to other cities.”

 

Image courtesy : Cityscoot

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