The Enterprise Ireland-backed company has launched its campaign on Spark Crowdfunding.
Irish e-bike sharing provider Moby has launched a public crowdfunding campaign as part a €2m raise, inviting investors to back the start-up as it projects nearly fourfold revenue growth by 2029.
The Enterprise Ireland-backed company launched its campaign on the investment platform Spark Crowdfunding, with a funding goal of €500,000. Irish taxpayers investing through Spark Crowdfunding can claim 35pc tax relief under the Employment and Investment Incentive Scheme.
Moby previously utilised Spark in 2021 to raise €800,000 at a €5m valuation. Early investors saw their shares grow eightfold, the company said.
Since launching in 2020, Moby has expanded to 2,000 shared bikes spread across Ireland, including in Dublin, Fingal, Wicklow, Athlone, Mullingar and Tullamore, as well as ESB Mobility Hubs in Sligo, Waterford and Donegal.
To date, the company has facilitated more than 1.5m rides, growing to more than 100,000 registered users. Moby plans to add 300 new bikes per year until 2029, taking its fleet to more than 3,000 bikes.
Last year, the company partnered with FreeNow to make its fleet of more than 500 pedal and electric bikes available on the Free Now app. The partnership allows users to book co-branded bikes using the app in Dublin.
Earlier this year, Moby acquired Cargoroo, a European e-cargo bike sharing provider. Since then, it has relaunched 150 shared e-cargo bikes in the Netherlands, and is reportedly in early stage talks to launch the service in Ireland.
The company plans to relaunch Cargoroo’s 600 historically profitable locations across Europe, it said. Moby’s e-bikes, e-cargo bikes and e-mopeds are used by the likes of Domino’s Pizza, the Dutch Police and The European Parliament.
“When we first joined Spark in 2021, we were a small Dublin bike-share start-up,” said Thomas O’Connell, the founder and CEO of Moby.
“Today, we operate across four countries with three high-growth business units and a technology that could fundamentally reshape how shared mobility works. Crowdfunding allowed our community to share in that journey – many early investors have seen an eightfold return – and we’re excited to open this next chapter to the public once again.”
Moby plans to expand consistently by acquiring one competitor per year as markets accelerates towards zero-emission delivery solutions, it said, Moreover, starting next year, Moby also expects to compete for major cargo bike tenders supported by the EU’s €88bn Social Climate Fund.
Don’t miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic’s digest of need-to-know sci-tech news.
