UPDATE: Irish e-bike service Moby has just launched an urgent crowdfunding campaign on Spark Crowdfunding with a goal to raise €2 million. The company is inviting investors to help achieve this target, aiming to secure €500,000 in the initial phase as it projects a near four-fold revenue increase by 2029.
Moby, backed by Enterprise Ireland, previously utilized Spark in 2021, successfully raising €800,000 at a valuation of €5 million. Early investors saw their shares surge to eight times their original value. This new campaign opens the door for fresh investment opportunities, marking a significant step in Moby’s growth trajectory.
Since its inception in 2020, Moby has expanded its fleet to 2,000 shared bikes across various locations in Ireland, including Dublin, Fingal, Co Wicklow, Athlone, Mullingar, and Tullamore. The company has facilitated over 1.5 million rides and currently boasts more than 100,000 registered users. Plans are underway to add an additional 300 bikes annually, ultimately increasing the fleet to over 3,000 bikes.
Moby has also formed a strategic partnership with FreeNow, allowing users to book bikes through the app in Dublin. Earlier this year, Moby acquired Cargoroo, a European e-cargo bike sharing provider, and has relaunched 150 shared e-cargo bikes in the Netherlands. The company is reportedly in talks to introduce this service in Ireland, planning to revitalize Cargoroo’s network of 600 locations across the region.
Moby’s services are utilized by notable clients, including Domino’s Pizza, the Dutch Police, and the European Parliament. CEO Thomas O’Connell remarked, “When we first joined Spark in 2021, we were a small Dublin bike-share start-up. Today, we operate across four countries with three high-growth business units and a technology that could fundamentally reshape how shared mobility works.”
The company is poised for consistent growth, with plans to acquire one competitor each year as the market shifts toward zero-emission delivery solutions. Starting next year, Moby anticipates competing for significant cargo bike tenders supported by the EU’s €88 billion Social Climate Fund.
This crowdfunding initiative presents a unique opportunity for the public to participate in Moby’s ongoing success. With a proven track record and ambitious future plans, this is a moment you won’t want to miss.
Stay informed with the latest developments in this exciting venture!
