Ride Movi raised funding from Generali

Ridemovi, a Milan, Italy-based scooter sharing provider, announced that it completed a capital funding round.

The deal, which has financial details undisclosed, was made with the local insurance company, Generali, an Italy-based player in the insurance and asset management sector.

The investment was completed through a specialized investment fund, managed by Ocorian Fund Management and held by Generali Group companies. Generali Insurance Asset Management originated and executed the transaction as investment advisor to the fund.

The investment by Generali will enable Ridemovi to extend its fleet to around 70,000 vehicles, further strengthening its leadership in Italy and Spain and opening up new markets in Europe and outside the European region. The growth of the fleet will be mainly focused on electric vehicles.

Ridemovi, led by CEO Alessandro Felici, is one of leading company in Italy and Spain in the micro-mobility sector providing sharing services for bicycles, e-bikes and e-scooters. The company operates in 17 cities in Italy and Spain with about 30,000 vehicles, 2 million users and 1 billion km travelled in just 3 years of activity. The company offers a solution for urban mobility with low emissions of greenhouse gases and air pollutants.