URGENT UPDATE: Irish e-bike sharing provider Moby has just launched a public crowdfunding campaign on Spark Crowdfunding, aiming to raise €2 million to fuel its expansion. This move invites investors to back the startup as it projects a staggering near four-fold revenue growth by 2029.
The company, which is backed by Enterprise Ireland, is seeking €500,000 in this round after previously raising €800,000 in 2021, when its valuation stood at €5 million. Early investors from that campaign have reportedly seen their shares soar to eight times their initial value, underscoring the potential for lucrative returns.
Since its inception in 2020, Moby has rapidly expanded its fleet to 2,000 shared bikes across various locations in Ireland, including Dublin, Co Wicklow, Athlone, Mullingar, and Tullamore. The company has facilitated over 1.5 million rides and boasts more than 100,000 registered users.
Moby has aggressive growth plans, intending to add an additional 300 bikes per year until 2029, which will bring its total fleet size to over 3,000 bikes. Last year, Moby partnered with FreeNow to integrate its fleet of over 500 pedal and electric bikes into the app, enhancing accessibility for users in Dublin.
In a significant strategic move, Moby acquired Cargoroo, a European e-cargo bike sharing provider, and has relaunched 150 shared e-cargo bikes in the Netherlands. The company is reportedly in early discussions to introduce this service to Ireland, aiming to revive Cargoroo’s 600 historically profitable locations across the region.
Moby’s diverse range of e-bikes and e-cargo bikes are utilized by notable organizations, including Domino’s Pizza, the Dutch Police, and the European Parliament.
“When we first joined Spark in 2021, we were a small Dublin bike-share start-up,” said Thomas O’Connell, founder and CEO of Moby. “Today, we operate across four countries with three high-growth business units and a technology that could fundamentally reshape how shared mobility works. Crowdfunding allowed our community to share in that journey – many early investors have seen an 8x return – and we’re excited to open this next chapter to the public once again.”
Looking ahead, Moby plans to consistently expand by acquiring one competitor per year as the market shifts toward zero-emission delivery solutions. Starting next year, the company also expects to compete for major cargo bike tenders supported by the EU’s €88 billion Social Climate Fund.
This crowdfunding initiative marks a critical moment for Moby as it seeks to solidify its presence in the competitive e-bike market. Investors and users alike are encouraged to stay tuned for further updates as this campaign develops.
Don’t miss the chance to be part of Moby’s journey – the future of shared mobility is unfolding now!
