Icelandic micromobility company Hopp has secured new financing from the Nordic Green Bank (Nefco) to scale up its global franchise model across Europe.
Based in Reykjavik, the e-scooter sharing service is available in seven countries focusing on smaller cities and fleets.
Hopp CEO Eyþór Máni told Zag Daily that Nefco’s loan agreement will enable the company to work with a broader scope of franchisees by launching new operations into key markets.
“Working with Nefco is a dream come true for us, as it validates our radically environmental approach, and enables us to bring infrastructure-light public transportation to even more cities.”
Nefco only offers financing for activities that generate direct or indirect environmental benefits, said Søren Berg Rasmussen, Investment Manager at Nefco, to Zag.
“Nefco finances Hopp because increasing the availability of shared electrified micromobility enables the transition away from private fossil fuel vehicles. Hopp also has a model for its franchisees to decrease life cycle greenhouse gas emissions from their operations, for example, by opting for low carbon electricity for charging and selecting more durable and sustainable e-scooters.”
Franchise model
Hopp’s software platform combines expert guidance and ongoing support to help franchisees manage their operations from an online dashboard.
The company’s franchising model has enabled its quick expansion across the continent. The latest additions were Costa Blanca in mainland Spain and Tenerife in the Canary Islands.
Hopp CEO Eyþór Máni said: “Our primary mission is to leave behind a cleaner planet, one ride at a time. With Nefco financing, we can launch across Europe and accelerate our expansion.”
New locations are expected in Croatia, Italy, Hungary, Spain, and also outside Europe, in the Dominican Republic and Bahrain, according to Hopp’s website.
Last year, the company received $ 2.8 million from Brunnur Ventures.
