sigo announced raising capital funding from Hessen Kapital

sigo, a Darmstadt, Germany-based company building a bike-sharing service business, announced that it completed a capital raise.

The funding was secured from German investors, including from VC Hessen Kapital through Hessen Kapital III (EFRE) GmbH and local angel investors.

Proceeds of the investment will be used to finance investments in the production of e-cargo bikes and the construction of new charging stations as well as for the development of the sigo app and its own booking system,

sigo, founded in 2017 by CEO Tobias Lochen and Philipp Harter, operates a service for e-cargo bikes sharing. The company also provides its inductive charging stations and operates throughout Germany in cities including Bochum, Hannover, Solingen and Wiesbaden.

Sigo has a B2B2C business model that is aimed on the one hand at end users and on the other at partners such as the housing industry, municipalities, institutions, local public transport, energy providers and project developers.