Dott has raised €70m in senior secured Nordic bonds under a €150m framework, along with an additional €15m in preferred equity as part of its Series D extension. The funds will be used to expand its e-bike and e-scooter fleet, refinance debt, and support general operations.

The company reported a 10% YoY increase in rides per rider. Notably, 50% of rides now come through passes, reflecting growing user engagement and loyalty, driven by improved vehicle comfort, range, and affordability.

In 2024 alone, Tier-Dott completed 100m rides from 10m riders. Following the merger, Dott’s presence expanded significantly, reaching 400 cities.

Fundraising History

Dott has raised over €268m ($309m) through five major equity funding rounds, including initial seed/pre-Series A, Series A, a two-part Series B, and a Series D extension, while also leveraging asset-backed debt financing and bond issuance.

Dott’s fundraising journey began in late 2018, when the Amsterdam-based shared micromobility startup secured approximately €20m from investors including Naspers, EQT Ventures, and Axel Springer to fund early pilots and European launches.

In July 2019, Dott closed a €30m Series A round to develop a more durable, sustainable scooter model and scale operations, across European cities.

In April 2021, Dott announced a €71m ($85m) Series B led by Sofina.

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In early 2022, the company added €62m ($70m) to its Series B, bringing the total to approximately €133m.

The Tier-Dott Merger

TIER Mobility and Dott announced a merger in January 2024, supported by a €60m investment from existing shareholders. Following the merger, Dott became one of the largest e-scooter operators in Europe. The combined company reported annual revenues of approximately €250m.

The merger has helped Dott reduce costs by approximately €60m per year, enabling the company to achieve profitability on an adjusted EBITDA basis. Looking ahead, Dott plans to roll out new vehicles in 2026, beginning with its latest e-bike in Paris, launched earlier this month.

On the successful bond issuance, Raoul Gatzen, Dott’s Group CFO, added: “We are very satisfied with the strong reception from the Nordic bond market and the continued support of our shareholders, reflecting confidence in our solid post-merger operational performance and disciplined financial management. This issuance further strengthens our balance sheet, extends our debt maturity profile, and supports our FY2026 profitable growth plans as we renew our fleet across key European cities within our existing footprint.”

Bonds Issued

Dott has issued bonds in the Nordic market with a four-year tenure. The bonds pay interest based on the 3-month EURIBOR rate plus 8%. The company plans to list the bonds on the Nasdaq Stockholm exchange.

ABG Sundal Collier assisted in organizing and selling the bonds, while White & Case provided legal advice to Dott.

Reflecting on Dott’s latest funding achievement, CEO and Co-Founder Henri Moissinac said: “Seven years after we created Dott, this successful and oversubscribed bond issuance demonstrates the strong support from investors for our mission and our strategy. Since the merger of TIER and Dott, we have delivered on our commitment to achieve EBITDA profitability and to build a resilient, sustainable business. This new financing allows us to continue investing in cleaner, safer vehicles and to further advance our mission to change mobility for good.”

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Dott’s Fleet

Dott reports that over 80% of its fleet is between 2 and 4 years old. Their current fleet in Paris, composed solely of e-bikes, reflects this: 15% of the fleet is new, while 45% of the e-bikes are between 2 and 3 years old.

The funds from the latest funding round will be used to purchase new e-bikes and e-scooters, refinance existing debt, and support general corporate needs, reinforcing Dott’s growth and profitability.