Copenhagen-based Cogo has acquired eScoot, a leading shared mobility aggregator in Central Europe. Together, Cogo and eScoot have helped more than half a million users in over 100 countries find and compare shared electric scooters, bikes, cars and mopeds in their city.
Cogo already has the world’s most comprehensive price comparison tool for shared mobility, helping users check price, availability and travel time from multiple operators in one simple search. With this acquisition of eScoot, Cogo expects an immediate boost to its expansion plans in key European markets such as Germany, France and the UK, accelerating user growth outside its current footholds in Southern Europe and the Nordics.
Robin Eriksson, Co-founder/CEO Cogo says, “We are thrilled to combine forces with eScoot. 2021 brought tremendous growth for our company. By joining our efforts, we are in an even stronger position to make an impact in this rapidly growing industry and to better promote the adoption of shared and environmentally-friendly transportation options for the masses.”
The shared mobility market has exploded in an incredibly short time and has spawned many now well-known brands such as Voi, ShareNow and Donkey Republic. Currently valued at approximately €35 billion, the industry is projected to exceed €440 billion in value by 2030. This acquisition by Cogo follows a period of rapid consolidation in that market, such as with Tier’s acquisition of NextBike and Wind’s Italian operations or Lime’s acquisition of Jump bikes. However, Cogo’s deal with eScoot is the first reported acquisition among the shared mobility aggregator platforms.
Cogo was launched in 2020 by a team of former momondo execs and has been supported by a group of angel investors as well as the early-stage VC PreSeed Ventures. As with the travel industry, the Cogo team saw a solution to a fragmented mobility market without an easy way to cross-check price and availability. Their efforts have so far paid off, as their app has experienced an over 40% monthly growth rate during the past year. Looking ahead, the company plans to add more cities, more mobility operators (currently 250), and more features in the coming year, such as in-app booking and payments.
Robin Eriksson, continues, “You shouldn’t have to fumble between 20 different apps just to book a ride or find a scooter. This is a slow and annoying process for the users as they just want to scan and go. Our vision is to take the friction out of shared mobility. By offering people a more seamless experience, we believe we can do just that.“