Spanish micromobility startup MOVO, a subsidiary of the local Uber rival Cabify, has raised €20 million in a funding round led by Mutua Madrileña, with participation from Seaya Ventures and Cabify. The company plans to use the fresh funding to expand in Argentina, Brazil, and Uruguay.
Founded in 2017, MOVO is an e-scooter and moped sharing platform that currently operates in Spain, Mexico, Chile, Colombia and Peru. The company plans to increase its fleet across Latin America and be present in 10 countries by the end of this year.
Not unlike other European micromobility platforms, MOVO emphasises that it's willing to work together with municipal governments in the cities it operates in, as well as help creating relevant policies.
“We are committed to working together with governments to complement mass public transport with these new micromobility alternatives so that people can get around in a more sustainable and efficient way,” said MOVO CEO Pedro Rivas.