Dott keeps on connecting, raises an additional $70 million

Micromobility startup Dott with headquarters in Paris and Amsterdam has secured an additional $70 million in an extension to its Series B funding round. The mix of equity and debt financing for this round now stands at a respectable $150 million. Striving to meet strong consumer demand, Dott’s new fund(s) will be used to accelerate the rollout of its new e-bike services, continue product development, look afield for new market opportunities, and ante up on the end-user experience. Dott has raised a total of approximately $210 million to date.

Currently, Dott operates a fleet of over 40,000 scooters in some 36 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.

At the end of 2021, the company added 10,000 e-bikes to its fleet of over 40,000 e-scooters, thereby providing riders, who took 130% more trips than in 2020, with more micromobility choices.

"We reached a significant milestone for our business in 2021, launching e-bikes to extend our offer with a vehicle that is more familiar to many people and broadens the appeal of our service,” commented co-founder and CEO Henri Moissinac. “Starting 2022 with additional funding will propel our growth and allow us to offer environmentally friendly travel to more people. We look forward to working with our new investor, abrdn, alongside our existing partners to expand our reach and help achieve fresher air and less traffic for everyone.”

Dott’s $70 million Series B round extension was led by new investor abrdn and existing investor Sofina. Other existing investors, including EQT Ventures and Prosus Ventures also participated.

On the decision to invest in Dott, abrdn’s Alistair Watson commented, “Environmental, social and governance considerations are at the heart of our process as we seek the most sustainable investment opportunities globally. We felt that Dott is well-positioned to be a leader in the category, offering a high-quality product that has been recognised with significant growth in 2021, alongside a responsible business model which takes a rigorous approach to minimising its carbon footprint.”