Amsterdam e-share cargo bike provider Cargoroo secures €10M in funding
With the growth of urban mobility solutions exploding in recent years, Cargoroo is a market leader in electric cargo sharing bikes. With a recent €10 million investment, the Amsterdam-based startup aims to help more European cities not only reduce emissions, but live healthier lifestyles.
Smart cycling solutions from the Dutch capitol
On December 12th, Dutch e-share cargo bike company Cargoroo announced that it had secured €10 million in funding from Participatiefonds Duurzame Economie Noord-Holland (North Holland Sustainable Economy Participation Fund), The Sharing Group, Fairtree Elevant Ventures, and others. The company provides ‘bakfiets’-style cargo sharing bikes that are safe, affordable, eco-friendly, and convenient. Bikes are present at fixed locations and can be rented via an app.
With the investment, Cargoroo plans to expand their fleet of e-cargo bikes in 2023 – introducing them in more German cities and entering the French market in Lyon. The investment will also help them increase their presence in major European cities like Antwerp and Berlin, as well as expand their offering in the Netherlands where they already have a strong foothold.
Helping cities across Europe reduce the need for cars
Cargoroo describes itself as something between a car and a bicycle. The company was founded in 2018 and inspired by a typical experience in the Netherlands – carting your children to school in a cargo bike.
The e-bike sharing platform is intended for those who might need the extra capacity from time to time. Think parents who want to take their kids for an excursion, pet owners carting their dog to the park, or people looking to move heavy or large objects. Cargoroo says its user base has grown 3x over the past year, and equates the distance these users have traveled to be over 1,500,000M kilometres.
Amsterdam is defining the future of smart mobility
Cargoroo is not the only Amsterdam-based company shaking up the mobility market. Ampler Bikes , an Estonian e-bike manufacturer, recently opened their Benelux office in the Dutch capital thanks to thriving cycling culture here. Along with homegrown urban mobility solutions like Dott and Felyx, Amsterdam is home to companies looking to shape the future of city mobility.
David Evans, early-stage investor and managing director of Fairtree Elevant Ventures, says: “Cargoroo has consistently demonstrated a notable performance in the e-sharing cargo bike space. The company has grown rapidly year after year since it was founded and now wants to gain a foothold in Germany and France. The success of this new investment round is a testament to our belief in the company.”
