Movo, a Madrid, Spain-based micromobility startup, closed €20m Series A funding.
The round was led by Mutua Madrileña and Seaya Ventures, which will both join Movo’s board, with participation from other investors. They joined Spanish mobility company Cabify.
The company intends to use the funds to accelerate expansion in Spain and Latin America.
Founded in 2017 and led by CEO Pedro Rivas, Movo is a startup that offers an asset-sharing service that works through an app and 100% electric scooters and skates.
In 2019, the company officially began operating in Mexico, Colombia, Peru and Chile and now plans to expand its presence in new markets, such as Argentina, Brazil and Uruguay, as well as increase its fleet of vehicles in the countries where it already has a presence.