Movebybike secured $1M in angel investment.

Movebybike, a Malmö, Swden-based operator of transportation services via cargo bikes, secured SEK 10M ($1M) in capital investment.

The money was provided by local angel investors, including Jan Barchan and Behdad Ansari.

Movebybike, founded in 2014 by father and son Johan Wedin (CEO) and Nils Wedin, built a transport service on especially adapted bicycles that carry up to 300 kilos at a time. In 2018, Movebybike had sales of about SEK 8 million from customers including Linas, Tier and Sellpy.