French startup Cityscoot announced a significant $50 million (€40 million) round of financing yesterday, with RATP Capital Innovation and Inventure Partners leading the round, alongside existing investors Caisse des Dépôts and LeasePlan. Cityscoot operates an electric scooter-sharing service in Paris and plans to expand its operations to other cities across Europe.
Currently, there are around 1,600 scooters available for use throughout Paris and some nearby cities. Users can easily book a scooter through their smartphone within seconds by entering a unique code on the scooter’s display screen to unlock it. Once users have completed their ride, they simply need to park the scooter, and the ride will end automatically.
Cityscoot has become an increasingly visible aspect of Paris’ urban landscape due to its extensive presence in the city over the past year or so. These silent electric scooters come equipped with a helmet storage space under the seat for added convenience.
However, operating an electric scooter-sharing business is capital intensive as Cityscoot leases these scooters. For instance, their vehicles’ batteries are replaced when they approach depletion to ensure smooth operations. This makes it difficult to compare Cityscoot with other tech startups that focus on digital products alone.
In line with its expansion plans, Cityscoot aims to operate a fleet of 5,000 scooters by the end of this year. The startup had already raised $18 million (€15 million) in 2016.
Cityscoot is set to launch operations in Nice and three other cities located within France, Switzerland, and Italy. This expansion marks a significant milestone for the company as it continues to compete with similar scooter-sharing services such as Coup.
With an impressive 70,000 active users and a daily volume of around 9,000 rides lasting on average for 15 minutes each, Cityscoot generates revenue of approximately $3 per ride. These encouraging numbers reflect the growing popularity and demand for electric scooter-sharing services across Europe.
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