micro-mobility gets a boost after startup muvo’s us$2 million investment
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Contxto – Startups in micro-mobility haven’t been too mobile as of late. With lockdowns, people just aren’t picking up those electric scooters and bikes. And that’s also why it’s interesting to report that Colombian micro-mobility startup MUVO recently closed an investment for US$2 million.
Electric vehicle company Auteco Mobility led the round, and now MUVO will be able to expand its fleet of electric bikes in Medellín and Bogotá.
MUVO and Auteco bet on bikes
The Colombian startup had previously collaborated with its lead investor. Through their partnership, launched in November of last year, a number of Auteco’s electric bikes joined MUVO’s fleet. And in light of these recent events, it looks like there was good chemistry between the two.
Thanks to the funding, 500 electric bikes will be added onto the startup’s current fleet and fuel its already high levels of growth. The startup reports that in 2019 it increased its revenue by 325 percent.
Why it’s a big deal: With Covid-19/the coming economic downturn, it’s tough to get funding. What’s more, it’s been a rough year for micro-mobility startups, as San Francisco-based Lime and Mexican/Brazilian Grow have shown.
As a result, seeing a company like Auteco procure funding shows signs that there’s still faith in this business model… it may just be going through a rough patch.
Improvise, adapt, overcome
Colombia has been under mandated quarantine since March 25, and will remain so until (at least) May 11. That practically halts operations for startups like MUVO. However, to adapt to these circumstances, the startup enabled its bikes for medical personnel to move about the streets.
MUVO is also partnering with restaurants and other authorized businesses so they can rent their fleet to complete deliveries. Eco-friendly and effective, very nice.
Wanna hear more? We recommend you listen to the following podcast episode: Qué considerar cuando se habla de Kichink. You can find the time stamp available in the description.
Related articles: Tech and startups from Colombia!
-ML
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