Movo – A Spanish Madrid-based micro mobility startup, founded in 2017 has secured €20 million (~$22.5M) in the Series A funding round from Mutua Madrileña and VC fund Seaya Ventures, an early investor in Cabify.
Both Mutua Madrileña and Seaya Ventures are now part of Movo’s Board Member team.
Javier Mira, general director of Mutua Madrileña, said: “The equity investment in Movo reflects Mutua Madrileña’s aspiration to respond to the new mobility needs that are emerging, and to the economic and social changes that are occurring and that are transforming our life habits.”
Currently Movo is operating across six cities in Spain, México, Colombia, Perú and Chile.
Movo is planning to expand its international operations into new markets in LatAm along with Argentina, Brazil, and Uruguay and also expecting to cover a total of 10 countries by the end of 2019.
The Series A will also be used to grow its vehicle fleet in existing markets, it said.
“We are very excited to be able to offer a solution to the problems of mobility in cities, particularly for short distances in areas with high population density,” said CEO Pedro Rivas in a statement. “We are committed to working together with governments to complement mass public transport with these new micromobility alternatives, so that people can get around in a more sustainable and efficient way.”
Commenting on its investment in the Cabify subsidiary, Seaya Ventures’ Beatriz Gonzalez, founder and managing partner, said the fund is “committed to the evolution of mobility towards sustainable alternatives in the world’s major cities”.
“We want to be part of the transport revolution by promoting projects like Cabify and, of course, Movo,” she said in a statement which seeks to paint micromobility as a solution for urban congestion and poor air quality. “We are motivated to continue to promote companies with which we share this sense of responsibility towards the development and improvement of people’s quality of life.”