Swedish micromobility subscription service MOVS has raised approximately SEK 45m (around £3.6m), which it will use to expand into new European markets.
MOVS was set up in May 2021 as a Mobility-as-a-Service (MaaS) offering where customers can take out a monthly subscription for a bike, e-bike, e-moped or e-scooter.
Following a successful pilot with high demand for all the firm’s vehicles in Stockholm, Gothenburg and Malmö, MOVS is now looking to expand into new European cities.
“We developed a model with around 15 criteria to select target cities,” Movs Technology Group CEO and Co-Founder Mikael Klingberg told Zag Daily.
“The cities we work with need to have at least 500,000 people living in them. We look at how many people are currently using micromobility, and also whether politicians are investing in the right infrastructure. The only cities in Sweden that fulfil these requirements are the one’s we already operate in.”
MOVS is a subsidiary of one of Sweden’s largest retailers of e-mopeds and bicycles, Movs Technology Group (MTG).
Launched in 2005, the parent firm has its own Lifebike electric bicycle and DRAX moped brands.
The idea for MOVS came about as Klingberg wanted to make the company’s vehicles more accessible by removing the upfront cost along with any unexpected costs, including service charges.
“After speaking with our customers, we realised that this is a better way to offer these vehicles in the future to enable mass take-up,” said Klingberg.
“What really stands us apart is that we have been in this business since 2005 as a retailer. We are the market leaders in Sweden selling e-mopeds and have sold over 50,000 vehicles, so we have gathered a lot of customer feedback and now know what they want.”
MOVS is backed by several heavy investors including Svea Bank and Jula Holding.