Rhyde, a Madrid-based startup that helps individuals and mobility companies reduce their costs and carbon footprint by providing meticulously refurbished e-scooters and e-bikes, is excited to announce it has raised €460k in its latest financing round. The round was led by Akka (ex-Blast) and participated by EIT Urban Mobility, an initiative of the European Institute of Innovation and Technology (EIT), a body of the European Union. This funding marks a pivotal milestone in Rhyde's journey to make sustainable and high-quality refurbished e-scooters and e-bikes accessible across Spain, France, and beyond.
Rhyde restores used e-scooters and e-bikes to a like-new condition through a proprietary process, with all products covered by warranties. This circular approach to micro-mobility helps make sustainable travel more affordable, with prices up to 50% cheaper than new products. Choosing to buy a refurbished PEV (personal electric vehicle) over a new one also cuts the vehicle's lifetime emissions significantly and offsets the carbon footprint associated with manufacturing. The investment will enable Rhyde to accelerate its growth, expand its product offering, and continue building partnerships with stakeholders across the value chain committed to sustainable urban mobility. The financing round comes at a time of rapid growth for Rhyde as the company strengthens its leadership position in the refurbished e-scooter market.
"We’re thrilled to have the support of Akka and EIT Urban Mobility as we drive forward our mission to bring the refurbishment revolution to micro-mobility," said Erik Ojantakanen, co-founder of Rhyde. "This funding will help us scale our operations and invest in the fantastic growth we have been experiencing recently, particularly in the e-scooter vertical. We are also very excited to enhance our capabilities to help sharing operators and other stakeholders to access high-quality refurbished fleets at lucrative prices, while supporting retailers and manufacturers with circular solutions."
Javier Desantes, CEO of Akka Spain, said; "We have seen over the last two years that the refurbishment market, especially in micro-mobility, has grown exponentially. We believe this trend will continue to grow for several more years. Rhyde has been able to stay ahead of a regulation that will force the certification of this type of product, which is becoming more and more common on European streets. We are convinced that Rhyde is the right partner because of the great momentum and talent of the team."
EIT Urban Mobility's participation in this financing round highlights the potential impact of Rhyde's plans. Matteo Consonni, Investment & Portfolio Manager at EIT Urban Mobility commented; "At EIT Urban Mobility, our Investment Committee was especially impressed by Rhyde's focus on sustainability and circular economy. By offering affordable, refurbished Personal Electric Vehicles, they’re not only making these solutions more accessible but also supporting a cleaner, more sustainable future. We also see strong potential in their rapid growth within a fast-expanding market, which fits well with our goals for better urban mobility.”
About Rhyde
Rhyde is a Spanish startup that provides high-quality refurbished micro-mobility vehicles to both B2C and B2B customers, providing a cost-effective and sustainable option for urban mobility.
You can join the Rhyde now to enjoy sustainable and affordable travel on www.rhyde.co.
For more information or press requests, follow us on LinkedIn or email info@rhyde.co.
About Akka (ex-Blast)
Akka is a platform that allows individuals to invest in high-potential technology startups, without the need for large sums of money or exclusive contacts. Founded by Thomas Rebaud, this platform democratizes access to investments in projects previously reserved for investors with networks and influence. Akka was launched in France in 2023 and has rapidly expanded to Spain, Italy and Northern Europe, attracting well-known figures in the Venture Capital ecosystem. The platform facilitates capital diversification and networking, offering access to an asset class traditionally difficult to access.
About EIT Urban Mobility
EIT Urban Mobility, an initiative of the European Institute of Innovation and Technology (EIT), a body of the European Union, aims to accelerate solutions and the transition towards a user-centric, integrated and truly multimodal transport system. As the leading European innovation community for urban mobility, EIT Urban Mobility works to avoid fragmentation by facilitating collaboration between cities, industry, academia, research and innovation to solve the most pressing mobility challenges of cities. Using cities as living labs, its industry, research and university partners will demonstrate how new technologies can work to solve real problems in real cities by transporting people, goods and waste in smarter ways.
For more information visit: www.eiturbanmobility.eu.