CYCLE receives $11.3 million

Berlin-based full-service mobility provider CYCLE receives a $11.3 million funding round led by Scania Growth Capital. The fund’s managing company East Hill Equity is excited about CYCLE’s plans to continue its growth in Europe, including an expansion into the UK and other regions. CYCLE aims to attract new customers from sectors such as mail and parcel logistics, and has plans for an expansion of its fleet.

Berlin-based CYCLE’s B2B service is already available in over 40 German cities. In addition to Germany, the start-up is present on the market in Austria, Italy, Poland and the Netherlands. Customers include well-known food delivery services such as Just Eat Takeaway.com and Wolt, as well as leading grocery delivery companies such as Flink and Gorillas/Getir. CYCLE is also building partnerships in the pharmaceutical/medicine delivery and parcel delivery sectors, positioning itself beyond quick commerce.

“Amidst the challenges of today’s economic climate, the need for sustainable and efficient transport solutions in urban areas is on the rise. However, the majority of all deliveries are still carried out by combustion engine vehicles. Our vision is to revolutionize the last mile logistics industry by driving the transition towards sustainable electric vehicles. Through flexible subscription plans, we want to make cargo E-Bikes more accessible, while our extensive, pan-European service network ensures uninterrupted fleet performance. We are looking forward to the continued expansion of our leading position in the space, with the new financing round and the strong addition to our shareholder base,” said Luis Orsini-Rosenberg, co-founder and CEO of CYCLE.

As a leading investor, Scania Growth Capital is returning to its roots as the Swedish parent company Scania already acquired a bicycle manufacturer in 1911, and their logo is based on a three-spoked bicycle crank. The investment in CYCLE reinforces the company’s commitment to innovative and sustainable mobility solutions.

“We are very happy to announce that Scania Growth Capital is leading the $11.3m Series A funding round of CYCLE. Driving the shift towards a sustainable transport system is similarly relevant and required for the last-mile. It is our belief that e-Bikes will play a vital and growing role in this segment and that CYCLE with its strong team and its vehicle-as-a-service offering will grow successfully in this exciting transport segment,” said Christian Zeuchner, Founding Partner at East Hill Equity