VC fundraising for micromobility companies
Micromobility went through one of the more public corrections in mobility venture. The 2018-2021 expansion phase produced large rounds against rapid city growth; most operators failed to reach the unit economics that supported those valuations, public names traded down heavily, and the sector saw consolidation and shutdowns. Investors that remain underwrite on fleet asset accounting, vehicle lifetime and contribution margin per ride.
The investor mix in micromobility spans climate and deep tech funds (Lowercarbon, Breakthrough Energy, DCVC, Lux), mobility-specialist VCs (Maniv, Trucks VC, R/GA Ventures), and OEM corporate venture arms (Toyota Ventures, Hyundai Motor Group, BMW i Ventures, GM Ventures, Volvo Cars Tech Fund). Flow has direct relationships with these investors and frames outreach around realistic vehicle economics, depreciation policy and city-level contribution.
Flow has experience running VC fundraising processes for micromobility companies across shared e-scooters and e-bikes, owned light electric vehicles, fleet and operations software, and battery swap and charging networks for two-wheelers. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"Micromobility" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
Vehicles deployed
Active cities
Rides per vehicle per day
Fleet utilisation
Revenue per ride
Contribution margin per ride
Vehicle lifetime (days)
Capex per vehicle
Depreciation per ride
ARPU per fleet vehicle
Theft & loss rate
Micromobility valuations in May 2026
Public micromobility comps trade at 1.4x EV/Revenue. Median revenue multiple across micromobility VC rounds was 5.1x in the last 12 months.
1.4x
Median EV/Revenue as of May 2026 for public micromobility companies
3.6x
VinFast is the highest valued public micromobility company based on EV/Revenue (excluding outliers)
5.9x
Median EV/Revenue across micromobility M&A deals in the last 12 months
5.1x
Median EV/Revenue across micromobility VC rounds in the last 12 months
Key recent micromobility VC rounds
$200M Series C raised by Also was the largest micromobility VC round completed in the last six months.
See all micromobility VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Mar-26 | Also |  | Also is a micromobility company specializing in electric bicycles and supporting technology frameworks for small electric vehicles. Originating as a spinoff from Rivian in 2021, the Seattle-based firm targets consumer and commercial markets globally with products tailored to urban commuting, delivery services, and last-mile logistics in regions including North America and Europe. | DoorDashGreenoaks+1 | $200M | $1.0B | Series C | |
Nov-25 | Luup |  | - | IT-FarmMLC Ventures+4 | $28M | - | Undisclosed stage | |
Mar-26 | Zeno | | Zeno manufactures eco-friendly motorcycles as a climate-conscious motor company. | Active Impact InvestmentsAlumni Ventures+2 | $21M | - | Series A | |
Nov-25 | 3 | 3EV Industries |  | 3EV Industries designs, manufactures, and operates three-wheel electric vehicles for last-mile micro-mobility, passenger services, small-parcel deliveries, and freight. | Bestvantage InvestmentsEquentis+2 | $13M | - | Series A |
Feb-26 | Sleek EV |  | Sleek EV is a manufacturer of IoT-enabled electric scooters tailored for urban commuting with integrated mobile app features. | January CapitalKrungsri Finnovate+2 | $8.7M | - | Series A | |
Mar-26 | Bounce | | Bounce is a Bangalore-based bike-sharing service operating keyless scooters via app-based OTP access and one-way rentals for first- and last-mile metro connectivity in India. Launched in 2014 as Metro Bikes, it deploys over 25,000 vehicles in Bengaluru, Delhi, and Hyderabad with GPS tracking and docking-free stations. | AccelB Capital+2 | $5.0M | - | Series F | |
Apr-26 | M | Modi Mobility |  | Modi Mobility offers electric vehicle sharing services for urban short-distance travel. | Hainan Yixuan InvestmentHubei Tianyixin Intelligent Technology | $4.4M | - | Seed |
May-26 | Pollen |  | Pollen develops a battery-swapping network for mopeds and motorcycles. Riders exchange depleted batteries for charged ones at stations to cut downtime. The system promotes electric mobility in cities with scalable infrastructure. | 4P CapitalBastien Cransac+7 | $3.8M | - | Seed | |
Nov-25 | RUTILE.bike |  | RUTILE.bike is a Lyon-based company specializing in refurbished electric bikes. Operating showrooms in Lyon and Paris with pickup in 10 French cities, it delivers pre-assembled bikes within 72 hours backed by one-year warranties. Rutile sources premium models from brands like Specialized and Trek, emphasizing circular economy through repairs at partner workshops nationwide. | Auvergne-Rhône-Alpes Regional Future Industry FundHAND PARTNERS+1 | $2.3M | - | Seed | |
Feb-26 | Pluto Mobility | | Pluto Mobility is a Pune-based electric vehicle manufacturer producing compact four-wheeled scooters tailored for last-mile delivery in urban environments. | gradCapitalVersion One Ventures | $2.0M | - | Seed | |
Jan-26 | Luna Systems |  | Luna Systems is a computer vision company offering AI solutions for micromobility verification, ensuring proper scooter and e-bike usage and parking in urban environments. | EIT Urban MobilityEnterprise Ireland+1 | $1.8M | - | Seed | |
Apr-26 | TripWip |  | TripWip is a Mexico City-based carsharing service operating in Latin America, with fleets in Mexico and Colombia. The app enables peer-to-peer rentals of vehicles for urban mobility, featuring GPS tracking and insurance through partners like AXA. | Epic Angels | - | - | Seed | |
Apr-26 | Forest |  | Forest is a San Francisco-based provider of dockless electric bike-sharing services featuring ad-supported rides in urban areas across the United States and Europe. Launched in 2018, the company operates a fleet exceeding 5,000 e-bikes equipped with GPS tracking and smartphone app integration for seamless rentals starting at $1 per ride. Forest partners with cities like Miami and Madrid to promote sustainable micromobility. | B8 Venture PartnersFen Ventures+2 | - | - | Series B | |
Mar-26 | GoSwap |  | GoSwap is an automated battery swapping solution for electric scooters. | Azur Innovation Fund | - | - | Seed | |
Mar-26 | Cyberbike | | Cyberbike is a maker of high-performance electric bikes suited for trail, city, and adventure use. | - | - | - | Undisclosed stage |
VC investors active in micromobility
Bpifrance is the most active VC investor across micromobility, having invested in 7 startups in the last three years.
See all micromobility VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Bpifrance | | Bpifrance is a Paris-headquartered public investment bank owned by the French state and Caisse des Dépôts that finances SMEs, mid-caps, and innovation projects. It offers loans, equity, guarantees, and export financing through funds like Large Venture and InnoBio, operating via 50 regional offices across France. | veboNeoldJool+2 | 7 | Seed | |
Greenoaks | | Greenoaks is a San Francisco-headquartered investment firm managing over $15 billion in assets, making long-term bets on technology companies like Stripe, Deliveroo, and Brex. It focuses on early-stage and growth equity in internet and software sectors across the United States, Europe, and India. | AlsoMind RoboticsSierra+2 | 2 | Series C | |
Specialist VC |  | Specialist VC is a venture capital fund supporting founders from Estonia, Latvia, Lithuania, Finland, Ukraine, and Belarus. It provides capital to technology ventures in the Baltic and neighboring regions. | Vok BikesCoplaAgileday+2 | 2 | Seed | |
Fen Ventures |  | Fen Ventures is a Mexico City-headquartered early-stage venture capital firm targeting tech startups transforming Latin America. The fund invests in fintech, edtech, healthtech, and logistics companies from pre-seed to Series A rounds. Backed by limited partners from banking and telecom sectors, Fen Ventures has deployed capital into over 20 portfolio firms since 2018, including neobanks and e-commerce platforms operating in Mexico, Brazil, and Colombia. The team provides hands-on support in product scaling and regulatory navigation across the region. | ForestCifratoSigna+1 | 2 | Series A | |
Helidoni Group | | Helidoni Group is a private equity firm investing in real estate and infrastructure projects across Europe. London-headquartered, it focuses on commercial properties and renewable energy developments, managing assets exceeding several billion euros in value. | FlexThisTerra RoboticsGRAIN Ecosystem+1 | 2 | Seed | |
EIT Urban Mobility |  | EIT Urban Mobility is a Barcelona-headquartered EIT initiative accelerating start-ups in sustainable transport. Its Impact Ventures portfolio includes 50 companies receiving grants and equity up to EUR 500,000 each. Operating since 2019 with EUR 400 million co-funding through 2026, it connects ventures to public authorities in 10 cities. | Luna SystemsRhydeCircu Li-ion S.A.+1 | 2 | Pre-seed | |
güil Mobility Ventures | | güil Mobility Ventures is a Mexico City-based corporate venture capital firm co-creating mobility startups in Latin America. It invests in electric vehicles, ride-hailing, and logistics tech, partnering with regional accelerators since 2019. | ForestOwayCafler+1 | 2 | Series A | |
SmartCap |  | SmartCap is an Australian developer of wearable technology that monitors brainwave activity to assess fatigue in heavy vehicle operators and miners. The helmet-mounted device uses EEG sensors to deliver real-time alertness scores via a cloud dashboard, integrating with fleet management systems. Deployed in mining operations across Australia and North America, it helps reduce accidents by alerting supervisors to drowsy drivers. Founded in 2013 in Adelaide, SmartCap partners with companies like Rio Tinto and BHP. | Vok BikesPowerUp Energy TechnologiesStarship Technologies+1 | 2 | Seed | |
Magna International |  | Magna International prides itself on an entrepreneurial culture and a corporate constitution that outlines the distribution of profits to various stakeholders. This automotive supplier's product groups include exteriors, interiors, seating, roof systems, body and chassis, powertrain, vision and electronic systems, closure systems, electric vehicle systems, tooling and engineering, and contract vehicle assembly. In 2024, 48% of Magna's USD 42.8 billion of revenue came from North America, while Europe accounted for approximately 37% and Asia the remainder. The firm's top six customers constituted 72.9% of revenue, with the top three being GM, Mercedes, and Ford. GM was the largest contributor at 15.4%. Magna was founded in 1957, has over 170,000 employees, and is based in Aurora, Ontario. | YuluCartkenNiron Magnetics+1 | 2 | Series B | |
Mahanagar Gas | | Mahanagar Gas Ltd is an India-based natural gas distribution company. It distributes natural gas through the City Gas Distribution network of pipelines. It distributes compressed natural gas (CNG) for use in vehicles and piped natural gas (PNG) for domestic household, commercial, and industrial use, and to transport sector customers as well. The company operates under the business segment of the sale of natural gas. Its business operations are principally carried out in India. The company generates revenue by selling natural gas, of which the sale of CNG accounts majorly for the total gas sales revenue. | 3EV Industries | 2 | Series A |
Founders and investors we've worked with
We've supported winning builders across micromobility and beyond.
MILES
We acted as exclusive fundraising advisor to MILES Mobility, Germany's largest independent car sharing provider, on its Series C growth round led by Crosslantic Capital.
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Orka
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
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GoTrendier
We advised GoTrendier, the leading second-hand fashion marketplace in LatAm (Mexico and Colombia), on its $14m Series B fundraise led by IDB.
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Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
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Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
See moreRecent VC fundraising track record
See our VC fundraising experience across micromobility and beyond.
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