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Hopp secures $2.8 million to grow micromobility franchise model

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Icelandic micromobility firm Hopp has secured $2.8 million in investment from Brunnur Ventures to support its global franchise strategy.

Based in Reykjavik, Hopp has 2,300 e-scooters and 170,000 users across three countries, with its focus on smaller cities and fleets.

The business is entirely carbon negative and aims to grow internationally following this recent funding round.

Run through an advanced software platform with expert guidance and ongoing support, franchisees can manage every aspect of their operation from an online dashboard.

“Our goal is to influence the electric scooter market in the same way as McDonald’s for the hamburger,” said CEO Eythór Steinarsson.

“We want to bring this technology to smaller cities where there is a big opportunity and to get locals to work with us. We want to bring the sharing economy to the way people travel daily.”

Investment Manager at Brunnur Ventures Margrét Ormslev Ásgeirsdóttir, who will take a seat on the Hopp board, added: “We’re investing in a different and more environmentally friendly way of travel as well as the sharing economy because that is the future.

“We believe that the Hopp thesis coupled with their team’s extensive knowledge has great potential, and with Brunnur’s investment the company can speed up its growth abroad.”

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