Drop Mobility – a rapidly growing e-bike share company that enables cities to purchase or lease e-bikes – has raised a growth funding package from Decathlon Capital Partners to support its continued expansion. The details of the revenue-based investment package were not disclosed.
Drop Mobility will use the funding to expand to new cities and accelerate product development timelines. And the e-bike share company allows cities, towns, or transit agencies to purchase or lease its e-bikes and subscribe to software on long-term contracts, giving the city or agency the ability to manage the programs and set affordable prices for its users. Drop Mobility provides operating services for maintaining the bike-share system, including rotating and servicing bikes and providing a smartphone app for users.
With offices in San Francisco and Toronto, Drop Mobility will repay the investment from Decathlon Capital Partners through its future revenues. And Drop Mobility was not required to give up any control of the company, and no equity or ownership was exchanged for the growth capital.
KEY QUOTES:
“With the capital from Decathlon, we will be able to speed up product development timelines that can let us deliver an even more resilient, recycle-able, and sustainable e-bike share experience.”
– Qiming Weng, Chief Executive Officer and Co-Founder of Drop Mobility
“Drop will be able to reach more communities and deliver larger projects quicker, helping us meet our goal of accelerating the multi-modal transit transition across North America.”
– Dipesh Dar, Chief Operations Officer and Co-Founder of Drop Mobility
“Working with rapidly expanding businesses like Drop Mobility that aim to make a difference in the world through sustainable practices is something that we at Decathlon are proud to support,” Hoffman said. “We can’t wait to see what the future holds for Drop Mobility.”
– Matt Hoffman, Vice President of Decathlon Capital Partners
