Electric cargo bike provider Cargoroo adds €10 million to the pouch

Even if you’ve not recently traveled to the lowlands in recent years if you’ve been on or near a public roadway in as many minutes, I’d put a solid wager on the fact that you’ve seen an electric bike of some sort pass your way. Bonus points if you’ve noticed to growing number of non-traditionally shaped two-wheelers laden with either cargo or a troop of joeys.

Well, be prepared for an increased sighting of yellow shared cargo bikes, specifically those on offer from Amsterdam-based Cargoroo, as the company has raised €10 million in a new financing round explicitly aimed at expanding the startup’s reach beyond the borders of Europe’s most bicycle-friendly country. More specifically, and particularly of note if you’ve ever been brave enough to look at the price tag attached to these velos, Cargoroo’s newest financing round will see an expansion of the sharing concept.

Cargoroo’s sharing concept was launched in Eindhoven, a city particularly known for its tech and innovation prowess, and will see more of its wares soon on the streets of Amsterdam, Utrecht, The Hague, Nijmegen, and Arnhem. Outside the Netherlands, Cargoroo is gaining traction in Antwerp and Berlin and the new funding will see a sustained push in these growing markets as well as a French market entry beginning in Lyon.

Cargoroo’s newest €10 million investment round was pedaled by The Sharing Group and Participatiefonds Duurzaam Economie Noord-Holland (PDENH) who join existing investors Fairtree Elevant Ventures.

“With this investment, we and the Team can take a major next step in our mission: making cities more liveable, healthier, and safer,” commented Cargoroo CEO Erik de Winter. “In addition to capital, the investors bring experience and knowledge in the areas of the sharing economy, the public sector, and mobility. We are fully aligned in our vision and values.”