Movo adds Delivery Hero as investors in the company in a €20 million investment deal

Movo, a Madrid, Spain-based provider of on demand electric motorcycles and scooters, completed a €20 million ($21.7M) investment agreement.

The deal was backed by new and existing investors, including Delivery Hero, the German group that owns several food delivery companies.

Delivery Hero's capital contribution was €13 million, and on top of that, it also acquired secondary shares of €10.5M in value. Other investors include Cabify, Mutua Madrileña and the venture capital firm Seaya Ventures.

Movo was founded din 2017 as a spinoff from Cabify and is led by CEO Juan de Antonio