Entrepreneur Dott raises 70 million euros to change dimension

Dott raises 70 million euros to change dimension

It had become an object of curiosity in the micromobility industry (scooters, bicycles, scooters). When the start-up Dott will she raise funds again? The latest round of funding from the young shoot founded in Amsterdam by the French Maxim Romain and Henri Moissinac dated back to the summer of 2019 (30 million euros in Serie A). An eternity in an industry that is greedy for capital and hit hard by the Covid-19 pandemic.

The suspense ends. Dott announces this Tuesday to have completed a Serie B of 70 million euros led by Sofina, a group that invests in fast-growing start-ups (Vinted, Postmates, Graphcore, etc.). Several historical investors have also taken to the pot (EQT Ventures, Felix Capital, FJ Labs, etc.).

Gradual deployment

This fundraising is made up of both equity and debt. “Equity represents more than 80% of the sum”, affirms Maxim Romain, without giving more details. Founded in 2018, Dott is a unique start-up in the sector. Unlike Tier, Voi or more recently Bolt, its three main European competitors, the company has taken its time. To date, it has only been installed in 18 cities, spread over five countries. (France, Belgium, Poland, Germany, Italy). Tier is for example present in twelve countries and 90 cities.

“We are selective in our choice of deployment”, says Maxim Romain. This strategy also allowed Dott to don’t burn too much cash. “We are recognized in the sector as being the most efficient company in the use of capital”, says the former executive of Ofo, who was able to closely observe the in-flight explosion of the Chinese self-service bicycle giant.

When it came time to knock on investors’ doors, Dott had some arguments to make. In the summer of 2020, the company won in quick succession the coveted calls for tenders from Paris and Lyon for electric scooters. According to our information, the young shoot also won the London tender, the result of which has not yet been made public. Dott refuses to comment, but has never made a secret of his ambitions in the United Kingdom. The young shoot also intends to launch in Spain and better serve the suburbs of French cities where it is present.

Multimodal strategy

Thanks to its new resources, Dott wants above all to accelerate its multimodal strategy. Since its inception, the company has been working on an electric bicycle. The model was designed in-house and is assembled in Portugal. ” We have always thought that the two modes were complementary ”, emphasizes Maxim Romain. Due to tensions in the components market, the start-up has been delayed but plans to roll out its electric bikes this summer in Paris and London.

The micromobility specialist also wants invest in R & D to improve its service and facilitate its integration with other mobility players (public transport for example). Finally, Dott will create a steering committee whose mission is to reflect on the environmental and social impact of its operations. “We want to pull the industry up by setting the highest standards in terms of sustainability”, specifies Maxim Romain. So many new projects that should quickly make you forget the speculations of recent months on its fundraising.

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