Insurance firm Mutua Madrileña has led a €20m ($22.5m) series A round for Spain-based electric scooter sharing service Movo that included ride hailing platform Cabify and venture capital firm Seaya Ventures.
Founded in 2017, Movo operates an electric scooter and moped rental service spanning six cities across Spain, México, Colombia, Perú and Chile. It was launched by Maxi Mobility, the owner of both Cabify and delivery service Glovo.
In addition to expanding its fleet of vehicles, Movo will use the series A capital to fund expansion in Latin America, including moves into Argentina, Brazil and Uruguay. Representatives of Mutua Madrileña and Seaya are joining its board of directors.
Javier Mira, general director at Mutua Madrileña, said: “The equity investment in Movo reflects Mutua Madrileña’s aspiration to respond to the new mobility needs that are emerging, and to the economic and social changes that are occurring and that are transforming our life habits.”