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Contxto – Spanish micromobility startup, Movo, recently raised over US$22 million to introduce services in Argentina, Brazil and Uruguay as part of its Latin American growth campaign.
The milestone came into fruition with assistance from insurer Mutua Madrileña. Also involved was venture capital firm Seaya Ventures, and holding company, Cabify. Investors wanted to diversify their portfolios and support sustainable transportation solutions.
“We believe in the evolution of mobility towards sustainable alternatives in the main cities of the world,” said Managing Director of Seaya Ventures, Beatriz González. “That’s why we want to be part of this transport revolution by boosting projects like Cabify and, of course, MOVO.
All of us are motivated to promote companies that share the responsibility to develop and improve people’s quality of life.
Being a subsidiary of Cabify, Movo began in 2017 as an e-scooter and moped transportation platform. Outside of Spain, it was already operating in Mexico, Colombia, Chile and Peru. Now, new funds will go towards on-boarding three more countries to join its Latin American squadron.
According to Movo, the company places special emphasis on transparency. What’s more, it values communication with municipal governments where its vehicles are present.
“We are committed to working together with government to complement mass public transport with these new micromobility alternatives so that people can get around in a more sustainable and efficient way,” said Movo CEO, Pedro Rivas.
This sense of cooperation became apparent in February when Movo joined a pilot program with Mexico’s Secretary of Mobility, Semovi. Today, it’s one of nine companies vying to fulfill governmental requisites for permanent operations in Mexico City.
So far, the collaboration has allowed the startup to test out the waters, so to speak. It has been an opportunity for Movo to engage with locals in hopes of solidifying regional expansion.
It’s apparent that the company has a thoughtful business strategy, not to mention strong public relations. Comparing this to what’s transpiring with Rappi in Argentina or the issues Grin has faced with Semovi, Movo seems to be more cautious about concerning legal matters.
Considering that Movo aspires to launch in 10 countries by year-end, this seems like an effective approach to avoid discrepancies in host countries. I’d say that the easier the company is to work with, the better.
Photo by: El Confidencial