PandaGo drives in with €4.7 million to help businesses electrify their fleet

The move to sustainable mobility is necessary and inevitable in Europe. By 2023, all cities with more than 50,000 inhabitants will have Low Emission Zones, featuring driving restrictions for petrol and diesel vehicles.

Moreover, businesses are set to be the main agents of change towards zero emissions.

According to Statista, an estimated 2 million light commercial vehicles will be needed in Europe by 2025 to serve 50 billion deliveries between e-commerce, groceries and food delivery.

This is where Madrid-based PandaGo steps in. The company wants to support companies as they adopt electric mobility solutions for their business and employees.

The electric vehicle rental platform for companies has now driven in with €4.7 million in funding. The round was led by Kibo Ventures and backed by Big Sur Ventures and JME Ventures.

The company plans to expand into France and Italy in the coming months. As of now, PandaGo has been operating in its home turf, Spain. The investment raised will also be used to improve customer experience and invest in marketing and sales to help businesses easily electrify their fleet.

Founded in 2021 by Francisco Acosta, Andrés Soler and Mariano Galán, PandaGo aims to help create sustainable cities by making it easy for companies to adopt electric mobility solutions. The startup includes a marketplace with the widest catalogue of electric vehicles in flexible rental, together with a self-developed software platform that makes it easy to operate multi-vehicle or multi-supplier fleets, and a service layer that allows companies to contract their fleet as a turnkey managed service.

The solution has attracted the likes of Glovo, AraVinc and Bureau Veritas. According to the company, it has over 80 customers in 30 cities, surpassing the 1,000 vehicles contracted milestone. Its operation has already prevented the emission of more than 800 tonnes of CO2.

Mariano Galán, CEO and co-founder of PandaGo, said: “Companies can have the biggest impact on the creation of sustainable cities. And they are willing to take on this challenge, but find it difficult to find, hire and manage fleets of electric vehicles. Our platform solves problems such as the complexity of managing multiple rental providers, the limited supply of electric vehicles.”