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E-scooter initiative Movo has received 22 million dollars investment

E-scooter initiative Movo has received 22 million dollars investment

Although the entrepreneurial ecosystem in Europe is under the shadow of London, the Spanish market has recently started to attract attention. Madrid-based car-sharing application eccocar, after a half-million-dollar investment, an investment report came from Movo'dan micro mobility initiative.

The Spanish-based venture funded 22 million dollars with the participation of Seaya Ventures and Cabify.

The venture is planning to use the financing to consolidate the company, accelerate the expansion of operations in other markets and increase the fleet of joint mobility.

Focusing on the South American market, the enterprise is currently operating in Mexico, Chile and Peru. Movo wants to expand its fleet in this South America and next countries are Argentina, Brazil, Uruguay and Peru.

The biggest feature that distinguishes Movo, a part of Uber's local rival Cabify, from its rivals works with municipal administrations in the cities where it operates. On the other hand, it helps local governments to establish policies related to micro-mobile transport.

The initiative, founded in 2017, launched e-scooters to offer alternative mobility in cities. Scooters are fully electric Movo, combining efficiency, technology and clean energy with its products to combat environmental pollution.

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