Movo announced €20m Series A in funding led by Mutua Madrileña and Seaya Ventures.

Movo, a Madrid, Spain-based company providing micromobility services, announced closing €20 million ($22.5M) in Series A funding.

The investment round was led by Mutua Madrileña and Seaya Ventures, and included other investors, which joined the Spanish mobility company Cabify. Mutua Madrileña and Seaya Ventures will both join Movo’s board.

The money will be used to accelerate the company's expansion in Spain and Latin America.

Movo, founded in 2017 as a spinoff from Cabify and led by CEO Pedro Rivas, offers an asset-sharing service that works through an app and 100% electric scooters and skates. In 2019, the company officially began operating in Mexico, Colombia, Peru and Chile and now plans to expand its presence in new markets, such as Argentina, Brazil and Uruguay, as well as increase its fleet of vehicles in the countries where it already has a presence.