Cargoroo, the company behind the well-known yellow e-share cargo bikes, has raised a sum of ten million euros from investors.
With this fresh round of funding, Cargoroo will look to strengthen its dominance of the European e-share cargo bike sector. This means that even more car journeys can be replaced by excursions on an electric cargo bike, improving the livability, health, and safety of urban areas.
The money raised enables the expert in e-share freight bikes to finance its continued expansion. The funds will be used to hasten the company’s bike-sharing concept’s spread throughout Europe. In the coming year, Cargoroo will launch its idea in additional German towns as well as Lyon, France, as well as considerably increasing the quantity of available cargo bikes in the European locations where the bike-sharing concept is already well-known, such as Antwerp and Berlin, in order to further establish its presence.
In the Netherlands, more neighborhoods and cities will start to provide e-share cargo bikes. In Eindhoven, Cargoroo recently introduced their idea. The number of cargo bikes available in Amsterdam, Utrecht, The Hague, Nijmegen, and Arnhem will increase soon as well. To enable even more clients to benefit from the numerous advantages of riding an e-share cargo bike, Cargoroo also plans to hire new personnel.
“With this investment, our team can take the next major step towards the realisation of our mission: making cities more liveable, healthier and safer,” says CEO Erik de Winter. “Besides capital, the investors bring extensive experience and knowledge of the sharing economy, the public sector and mobility to the table. We all share the same vision and values.”
Along with Fairtree Elevant Ventures, new investors The Sharing Group and Participatiefonds Duurzame Economie Noord-Holland (PDENH) have joined. They are investing a total of 10 million euros along with lease firms.
The Sharing Group is a rapidly expanding group of software businesses committed to “Good Sharing” ideas. CMO Joost van Rooij The Sharing Group: “When it comes to shared mobility, MyWheels is the best-known brand in our portfolio. Our investment in Cargoroo seamlessly ties into this, as both concepts contribute to reducing the number of cars on urban streets and improving the liveability of our cities.”
PDENH, a public fund, invests in North Holland-based companies and projects that advance the region’s circular economy, energy transition, and sustainable mobility. “Using an e-share cargo bike is a viable alternative to driving a car in Europe’s densely populated inner cities. We believe Cargoroo – as the market leader in this sector – will be able to roll out this concept on a large scale. In addition to reducing carbon emissions, the yellow cargo bikes also contribute to a healthier lifestyle for their users!”
Early-stage investor David Evans of Fairtree Elevant Ventures, who led the current investment round, said of Cargoroo: “Cargoroo has consistently shown significant performance in the e-share cargo bike field. It has grown rapidly year on year since its inception and is now looking further afield to scale into Germany and France. The success of this new round of investment is a testament to our belief in the company. Cargoroo’s strong focus on enabling greater mobility, healthier cities and better lifestyles align with our broader portfolio of businesses that operate in the sustainability sector. The Sharing Group and Participatiefonds Duurzame Economie Noord-Holland (PDENH) are joining us in this financing round, both of whom we are pleased to partner with as Cargoroo continues to scale across the continent.”