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Spain's Movo receives a €20M round. We analyse the carsharing market.


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BY : Diego GutiérrezApril Mon, 2019

The micro-mobility market has a promising future both nationally and internationally. For this reason, from Abra Invest the first round received by Movo, a Spanish startup, is analysed in order to contrast it with the different rounds received by companies in the same sector at an international level.

About Movo

Movo is a Spanish start up oriented to the micro mobility sectorwhich offers motosharing and electric scooter sharing services.

It is a company with international ambitions, a subsidiary of Cabify, which in Spain operates only in Madrid, and offers the rental of these devices through an application through which the devices can be unlocked on the spot or rented in advance.

In terms of tariffs, Movo is one of the micro-mobility companies with the best rates in the world. more attractive rates for short periods of use, offering very competitive fares for journeys of less than 15 minutes on both scooters and scooters.

In addition, unlike other competitors, it has the ability to pause, lock or even turn off the scooter or scooter without ending the reservation, allowing for stops, breaks or shopping and maintaining ownership on return.

Finally, it should be stressed that Cabify through this company competes with Uber in another strategic sub-sector in order to dominate the micro-mobility market, competing with Lime, Uber's subsidiary in this sub-sector.

Movo receives €20M round

With this new round of financing Movo seeks to consolidate the current business, achieve growth and prepare the leap into new territories to achieve economies of scale and begin to make the investment profitable.

This expected growth comes from the company's introduction in Argentina, Brazil and Uruguay and strengthening its fleet of vehicles in Spain, Mexico, Chile, Colombia and Peru.

The round was led by Seaya Ventures y Mutua MadrileñaThis confirms Mutua Madrileña's commitment to diversifying its sources of income and, in particular, its strategy to grow in the field of shared urban mobility due to the worldwide growth it is experiencing.

Other investments in shared mobility

Grab

Graba leading company in the field of carsharing in Southeast Asia, and Uber's main competitor in the region, has received $1.460M in latest round of funding.

The main investor in this project was one of the funds of SoftBank and the investment will be used for the development of a new application that includes more functions and can be integrated into the daily life of users.

 

Getaround

Getaround is a company dedicated to facilitating the car rental between private individualswhether for a few hours, days or even weeks.

The App's value proposition comes from including insurance and 24-hour assistance in all areas in which it operates as well as eliminating car rental companies or having to know who rents the vehicles, making it a faster business and offering additional revenue.

On 31 August 2018 the company raised $300M

 

Helbeiz

Helbeiz is a start up that facilitates the use of fleets of electric vehicles by allowing you to reserve or locate free vehicles in your vicinity via the App.

This firm operates in the main Italian and American cities, and thanks to the $15M that have raised expectations expand to Europe's major capitals.

 

Socar

Socar is a company that promotes the carsharing in South Korea, since 2015 had received 1TP2Q18 millionof which the majority came from the venture capital fund. Bain Capital.

In this case the company operates as an intermediary to bring together those who are going to make a journey and those who would be interested in making a journey, thus reducing journey costs for both.

On 15 January it obtained another $44M in a series of funding entirely earmarked for R&D (improving the algorithms behind the application) and marketing of the application in order to continue to gain market share.

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