Madrid-based micromobility startup Movo has closed a €20 million (~$22.5M) Series A funding round to accelerate international expansion.
The 2017 founded Spanish startup targets cities in its home market and in markets across LatAm, offering last mile mobility via rentable electric scooters (e-mopeds and e-scooters) plotted on an app map. It’s a subsidiary of local ride-hailing firm, Cabify, which provided the seed funding for the startup.
Movo’s Series A round is led by two new investors: Insurance firm Mutua Madrileña, doubtless spying strategic investment potential in helping diversify its business by growing the market for humans to scoot around cities on two wheels — and VC fund Seaya Ventures, an early investor in Cabify.
Both Mutua Madrileña and Seaya Ventures are now taking a seat