Micromobility startup Dott with headquarters in Paris and Amsterdam has secured $85 million in a Series B funding round. The capital injection was co-led by Belgium-based Sofina and UK-based Estari, with participation from EQT Ventures, Prosus Ventures, Aberdeen Standard Investments, Expon Capital, Felix Capital, FJ Labs, Invest-NL, McRock Capital, Quadia, and angel investors. The round is a mix of equity and asset-backed debt financing, Dott said in a press release.
The new round brings the total amount raised by Dott to about €120 million, which is noticeably less than what its European micromobility peers have secured. For example, Germany's TIER Mobility has landed a total of some $388 million so far, while the Swedish contender Voi Technology has picked up over $350 million.
Dott actually takes pride in not having raised as much money as its competitors, while building “large, dominant and profitable strongholds in highly prized micromobility markets in Europe,” it stated in the announcement. Dott doesn't use gig economy workers for battery swapping and e-scooter maintenance, and its co-founder Maxim Romain told tech.eu previously that this contributed to the organisation reaching positive EBIT across all locations.
Currently, Dott operates a fleet of over 30,000 scooters in some 15 cities across Belgium, France, Germany, Italy, and Poland. Those include Paris and Lyon where Dott was one of the few operators to receive a license in 2020. Notably, Dott is still not operational in the Netherlands where it's headquartered; the Dutch authorities are yet to allow e-scooters on the country's roads.
With the fresh funding in its war chest, Dott plans to expand to unspecified new cities in the UK and Spain, as well as start rolling out its fleet of e-bikes. First announced in December 2020, the colourful crankshaft bikes were actually expected to launch in March this year, but the roll-out has been postponed to this summer.