Swedish MOVS fills its coffers with approximately SEK 45 million in a recently completed capital round.
The leading subscription service for micro-commuting will use the fresh millions to develop its own electric vehicles, expand into new markets and develop its digital platform.
Investors include Jula Holding and Svea Bank.
MOVS was founded with a vision to contribute to cleaner cities by making it easy for people to commute sustainably. To this end, the company offers flexible and affordable subscriptions that provide customers with a private bicycle, e-bike, electric park bike or electric moped. After a strong launch year with high demand for all the service’s vehicles, it is now backed by several heavyweight investors.
– Many consumer brands are suffering from a down economy but for us it’s the other way around, our service is suitable for those who want to cut monthly costs and avoid major investments. In addition, our market is driven by several major macro trends such as increased interest in subscriptions, sharing services, micro-mobility and sustainable travel, says Mikael Klingberg, CEO of MOVS Technology.
Svea Bank and Jula Holding, among others, are now choosing to include MOVS in their investment portfolios. For Jula Holding, the investment is fully in line with their green strategy.
– By investing in sustainable companies in the environmental and energy field, we want to take responsibility and contribute to the development of a more sustainable and fossil-free society.
-MOVS contributes to sustainable cities and it is exactly these ideas that we want to promote, therefore we are very happy to help them grow even faster, says Magnus Sigurd, Business Development Director, Jula Holding.
Svea Bank believes strongly in the subscription trend and has had relationships with several companies that have grown rapidly with subscriptions as a business model, such as Synsam and Tryggsam.
– MOVS is very timely in offering subscriptions as a business model in a segment that has previously been characterised by the ownership of personal transport. It is a global megatrend that we are now seeing changing industry after industry,” says Lennart Ågren at Svea Bank.
The capital will create the conditions to expand to more Swedish cities as well as more countries in Europe. It will also be used to further develop the company’s subscription platform and self-produced vehicles.