Helbiz will launch a fleet of 2,000 shared e-mopeds in Europe and an additional 500 in the US after receiving $7.2 million from shareholders.
Shareholders in the Italian-American electric micromobility operators raised the funds by exercising warrants at $11.50 per share.
The new investment was used to purchase the 2,500 e-mopeds, which the firm plans to roll out in Italy as well as new markets in Europe and the US.
Helbiz acquired e-moped brand MiMoto in August of this year, with shared fleets currently available in Milan, Turin, Genoa and Florence.
The New York-based business also operates shared e-scooters in 35 cities across the US, Canada and Italy, and is planning on significant expansion in the US after receiving $30 million in investment earlier this month.
“I am very excited that our shareholders have directly contributed to our ability to expand our current and future markets,” said Helbiz Founder and CEO Salvatore Palella.
“We believe that this is only the beginning of warrant exercises and anticipate many more to come. Our plan is to continue focusing those proceeds on aspects of our business that maximise our bottom line.”