Revenue-based transaction will fund expansions of the white-label e-bike share company through an innovative, shareholder-friendly financing structure
SAN FRANCISCO, Jan. 24, 2024 /PRNewswire-PRWeb/ -- Drop Mobility, a rapidly growing e-bike share company that allows cities to purchase or lease e-bikes, has landed a growth funding package from Decathlon Capital Partners to support its continued expansion. Details of the revenue-based investment package were not disclosed.
Drop Mobility will use the capital to expand to new cities and accelerate product development timelines. The e-bike share company allows cities, towns, or transit agencies to purchase or lease its e-bikes and subscribe to software on long-term contracts, giving the city or agency the ability to manage the programs and set affordable prices for its users. Drop Mobility also provides operating services for maintaining the bike-share system, including rotating and servicing bikes and providing a smartphone app for users.
Qiming Weng, Chief Executive Officer and Co-Founder of Drop Mobility, said the company's pillar of sustainability drives many of its decisions. "With the capital from Decathlon, we will be able to speed up product development timelines that can let us deliver an even more resilient, recycle-able, and sustainable e-bike share experience."
With offices in San Francisco and Toronto, Drop Mobility will repay its investment from Decathlon Capital Partners through its future revenues. Drop Mobility was not required to give up any control of the company, and no equity or ownership was exchanged for the growth capital.
Dipesh Dar, Chief Operations Officer and Co-Founder of Drop Mobility, said Drop Mobility is excited to continue its expansion into other cities across the country. "Drop will be able to reach more communities and deliver larger projects quicker, helping us meet our goal of accelerating the multi-modal transit transition across North America," Dar said.
Matt Hoffman, Vice President of Decathlon Capital Partners, said not only does Decathlon believe in the growth of Drop Mobility, but also its mission. "Working with rapidly expanding businesses like Drop Mobility that aim to make a difference in the world through sustainable practices is something that we at Decathlon are proud to support," Hoffman said. "We can't wait to see what the future holds for Drop Mobility."
About Drop Mobility
Drop Mobility allows cities in the United States to run e-bike share systems to enable sustainable, local, micro-mobility across the country. The company offers best-in-class e-bikes, a full-stack software platform, and a dedicated operations division. Municipalities or transit agencies can purchase or lease Drop Mobility's bikes. The entities can then subscribe to software on long-term contracts that allows them to offer the e-bikes at fair prices to make them easier to access. Learn more at https://dropmobility.com/.
About Decathlon Capital Partners
Decathlon Capital Partners provides growth capital for companies seeking alternatives to traditional equity investment. Through the use of highly customized revenue-based financing solutions, Decathlon provides long-term growth capital without the dilution, loss of control and operational overhead that often comes with equity-based funding. With offices in Palo Alto and Park City, Decathlon is the largest revenue-based funding investor in the U.S. and is active across a wide range of sectors. Learn more at http://www.decathloncapital.com.
Media Contact
Drop Mobility, Drop Mobility, 4352001051, [email protected], https://dropmobility.com/
SOURCE Drop Mobility
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