Drop Mobility, a San Francisco, CA-based e-bike share company, received a Growth funding from Decathlon Capital Partners.
The amount of the revenue-based investment package was not disclosed.
The company intends to use the funds for its continued expansion.
Led by CEO Qiming Weng, Drop Mobility allows cities in the United States to run e-bike share systems to enable sustainable, local, micro-mobility across the country. The company offers e-bikes, a software platform, and a dedicated operations division. Municipalities or transit agencies can purchase or lease its bikes. The entities can then subscribe to software on long-term contracts that allows them to offer the e-bikes at fair prices to make them easier to access.
The company has offices in San Francisco, CA- and Toronto, Canada.
Commenting on the news, Qiming Weng said: “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.”
FinSMEs
29/01/2024