Zenride to raise €8M from RATP Capital Innovation and Alter Equity.

Zenride, a Paris, France-based operator of a B2B bike renting for other companies, announced the completion of a €8M ($8.8M) capital funding round.

The money was raised from investors co-led by RATP Capital Innovation and Alter Equity.

The proceeds will be used to accelerate the commercial development of the company.

Zenride, founded in 2018 by Antoine Repussard and Thomas Beaurain and led by CEO Olivier Issaly, developed a bicycle rental service for companies and their employees, looking to work with businesses with more than 1,000 employees. The service also includes equipment (helmet and anti-theft device) and the possibility of taking out theft/breakage insurance, assistance, as well as a maintenance package. The employee ultimately bears only 1/3 of the overall cost of the service (between €10 and €30/month for employees), the rest being borne by the employer, who benefits from a tax advantage. The company works with around 60 customers, including Veolia, Saint-Gobain, Axa or Accor.