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Welcome to Micromobility Pro, a bi-weekly publication which is part of The Micromobility Newsletter, where we deep-dive into the financials of micromobility companies and share exclusive insights tailored for professionals and members.
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Contents
- About Dance GmbH
- History and Background
- 2024 Financial Performance
- Chart: Revenue & Net Loss (2020-2024)
- Revenue Breakdown
- Chart: Revenue Split by Category
- Cost Structure and Cost Reductions
- Table: P&L Snapshot
- Cash Position and Debt Restructuring
- Table: Balance Sheet Snapshot
- Funding Timeline
- 2025 Positioning and Outlook
- Conclusion
- Download Link: Historical Financials Excel Sheet
About Dance
Dance GmbH is a Berlin-based electric mobility company that offers subscription-based access to electric bikes and electric mopeds. The company provides vehicles through monthly and annual subscriptions that bundle maintenance, repairs, and insurance into a single service, allowing members to use electric mobility without owning a vehicle.
Dance designs its vehicles in-house, with a focus on durability and long service life in a subscription environment. Manufacturing is handled by an external production partner in Taiwan. Alongside hardware, Dance operates its own software platform. The Dance app serves as the primary interface for members, supporting account management, in-ride information, and navigation.
As of the end of 2024, Dance operated in Berlin, Hamburg, and Munich in Germany, and in Paris, France. The company offers three vehicle types: step-over e-bikes, low-step e-bikes, and electric mopeds.
Dance serves both individual users and businesses. Through its Dance for Business program, employers can offer subscriptions to employees as a workplace benefit, including salary-sacrifice arrangements where applicable. The company generates revenue primarily from subscription fees and related services.
During a panel discussion on subscription models in biking at Micromobility Europe, Christian Springub, co-founder and CEO of Dance, explained that the company operates between ownership and shared micromobility by providing each member with a dedicated vehicle rather than a pay-per-ride shared bike. He emphasized that long-term retention makes service quality and reliability central to the model, with maintenance, repairs, and theft handling managed by Dance to remove friction for users. Springub also highlighted that recurring subscription revenue, combined with the residual value of the fleet, underpins the company’s ability to access asset-backed financing and support fleet growth.
History and Background
Dance was founded in 2020 in Berlin by Eric Quidenus-Wahlforss and Alexander Ljung, together with Christian Springub. The founding team had previously built and scaled consumer technology companies, including SoundCloud and Jimdo.
From the outset, Dance focused on a full-service subscription model for urban mobility, positioning itself as an alternative to vehicle ownership rather than a shared, pay-per-ride system. The company launched its service in Berlin and later expanded into other European cities, including Hamburg, Munich, Paris, and Vienna.
Between 2021 and 2022, Dance pursued rapid expansion, investing heavily in fleet growth, local operations, and service infrastructure to support delivery, maintenance, and refurbishment across multiple markets. During this period, the company expanded its vehicle offering beyond e-bikes to include electric mopeds.
By 2023, Dance began shifting its focus toward cost discipline and operational efficiency. A significant workforce reduction was implemented in late 2023 as part of efforts to align operating expenses more closely with revenue and improve unit economics.
In September 2024, Dance exited the Austrian market after determining that the business could not scale efficiently beyond its initial city and that adoption remained below expectations. Liquidation of the Austrian subsidiary was initiated during the year.
By the end of 2024, Dance had consolidated its operations around its core markets in Germany and France, reflecting a more focused operating footprint heading into the next phase of the company’s development.
2024 Financial Performance
In 2024, Dance increased revenue while sharply reducing operating losses.
Total revenue reached €8.0m, up from €6.2m in 2023. This represents year-on-year growth of roughly 29%.
At the same time, the company significantly improved profitability metrics:
- EBITDA loss narrowed to €3.6m, from €9.0m in 2023
- Net loss declined to €11.9m, from €17.2m the year before
Gross profit remained stable at around €4.3m, despite higher material costs linked to internal services and fleet activity. Lower indirect costs, especially in personnel and marketing, drove most of the improvement at the EBITDA level.
Management reports that revenue growth exceeded its planned low double-digit target for the year, supported mainly by growth in France.
Revenue Breakdown
Dance generates revenue primarily from subscriptions. In 2024, the mix shifted further toward intra-group leasing and licensing.
- Intra-group rental and licensing revenue: €5.2m
- Other operating revenue: €2.9m
- Carbon credit revenue: nil (down from €0.4m in 2023)
Total revenue therefore, reached €8m.
The increase in intra-group revenue reflects higher activity levels, particularly at the French subsidiary. Carbon credit sales did not contribute to revenue in 2024.
Cost Structure and Cost Reductions
Dance continued its broad cost-reduction efforts throughout 2024.
Total indirect costs (excluding interest and taxes) fell to €14.0m, down from €18.8m in 2023.
Key changes included:
- Personnel costs: reduced to €2.7m, from €6.0m
- Average headcount fell from 92 to 53 employees
- Reductions followed a workforce cut initiated in late 2023
- Marketing expenses: reduced to €95k, from €746k
- Spending focused on essential acquisition and retention activity
- Other operating expenses: declined to €5.3m, from €7.4m
Some costs increased:
- Depreciation rose to €6.0m, from €5.4m, reflecting the size and age of the vehicle fleet
Despite higher costs in some areas, overall operating expenses fell. This cost discipline drove the sharp improvement in EBITDA.
Cash Position and Debt Restructuring
At the end of 2024, Dance reported €333k in cash and cash equivalents, down from €995k at the end of 2023. The lower cash balance reflected continued fleet investment and losses from operating activities during the year.
During the year, Dance restructured its main credit facility. In August 2024, the company converted the facility into a bullet loan with a maturity in August 2031.
Key terms of the revised structure include:
- Early repayments are linked to the monthly adjusted EBITDA
- Repayments only triggered if liquidity remains above a €500k reserve
- Principal and interest on eligible liabilities take priority over early repayment
By the end of 2024:
- Total debt stood at approximately €20.32m, largely classified as long-term
- Part of the increase reflected capitalized interest and additional convertible loans
Management states that liquidity remained sufficient throughout the year, and the restructuring extended the company’s financial runway.
Funding Timeline
During 2024, Dance completed additional steps under its Series A3 financing.
These included:
- Capital increases recorded during the year
- New convertible loans, part of which remained unconverted at year-end
After the close of the reporting period, in March 2025, Dance announced a €12m funding round combining equity and debt backed by Elemental, Uli Schöberl (Apple), Piotr Brzezinski (Fabric London), and other investors. According to the company, this funding supports fleet expansion, ongoing operations, and the path toward profitability in 2025.
As of the latest disclosures on Crunchbase, Dance has raised approximately €79.5m in total funding since inception.
2025 Positioning and Outlook
In March 2025, Dance established a new wholly owned legal entity, Dance Mobility Fleet Management SAS, based in Bobigny, France. The entity was created to raise debt capital and manage the purchase of new bicycles for the French market.
According to the 2024 annual report, management expected higher sales and revenue, particularly at the French subsidiary, to support positive cash flow during the 2025 financial year. This was expected to provide sufficient liquidity at the Dance GmbH level to cover ongoing operating expenses and reduce reliance on additional shareholder or external funding.
The report outlined a fleet expansion of approximately 3.5k bicycles in France and continued growth in the membership base. Based on these assumptions, management projected revenue growth of 10-20% compared to 2024.
Through scaling, process optimization, and further reductions in personnel and marketing costs, the company expected a significant improvement in EBITDA and lower operating capital requirements. Management stated its goal of achieving at least EBITDA breakeven for the first time in 2025.
Conclusion
By the end of 2024, Dance had increased revenue, cut losses, and reduced its cost base. The company pulled out of a market that wasn’t scaling, focused on its strongest cities, and reworked its debt to give itself more runway.
While the business was still loss-making, EBITDA losses fell sharply compared to previous years. With fresh funding in place and management aiming for EBITDA breakeven in 2025, 2024 marked a reset, a year focused on discipline, consolidation, and getting ready for the next phase.
Download links: Historical Financials Excel Sheet
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