E-bike Development: Dott Raises 30 million Euros in Series-A funding

Dott, a European startup that specializes in the micro-mobility space, has raised 30 million euros in its Series A funding. The funding was led by Naspers, a media company and EQT.

Reuters report suggests that the funding will be used by Dott to roll out an e-bike hiring business and introducing new models of its existing e-bikes.

The company said on Thursday that its Series-A funding will soon get over. Apart from the above-mentioned investors, the existing investors-Felix Capital and Axel Springer have also made commitments in the funding round.

The capital will be utilized to roll out two new replaceable battery based e-scooter models, the reports added. The new move will hopefully extend the battery life of the scooters. Apart from the e-scooter launch, the company intends to launch e-bikes within the next couple of months.

Dott including other European companies such as Tier and VOI and Bird, and Lime from America has launched many e-scooters on the European and American subcontinent. In 2018, the firms have raised capitals worth thousands of dollars to avert competition, with the sector attracting top-notched capitalists such as Uber and Google, despite no clear route to profitability.

Due to tough competition worldwide, companies are being driven to seek new methods to differentiate themselves. VOI, a Swedish company rolled out a series of new-gen e-scooters with changeable batteries after raising $30 million earlier this year.