At Micromobility Europe 2025 in Brussels, a panel on Scaling Profitably: Late Stage Capital Strategies for Operatorsfocused on a question that has dominated the sector since capital tightened: how operators raise growth capital once the easy money is gone.

Moderated by Prabin Joel Jones, the discussion brought together an operator who raised capital in the toughest market in years and two investors explaining what actually clears investment committees today:

What followed was a practical look at how capital works in micromobility today, not how it worked in 2020.

Late stage now means operational proof

Late-stage financing was clearly defined as the phase after product market fit, once revenue exists and profitability is visible. This is not about IPOs or nine-figure rounds. It is about funding expansion without breaking unit economics.

For operators, this shifts the conversation away from vision and toward execution.

Why Pony could raise when others could not

Cormerais explained that Pony’s ability to raise capital in 2023 and 2024 came from decisions made well before the downturn.

Pony did not pursue inflated valuations or aggressive multi-country expansion. Instead, it focused on operational efficiency, improving margins year over year, and a concentrated geographic strategy focused on France. That focus translated into strong relationships with cities and a high success rate in tenders.

By the time Pony went to market, the business already showed stable performance and improving economics.

Equity alone does not work for asset-heavy businesses

One of the clearest messages from the panel was that financing fleets purely with equity creates long-term problems.

Vehicles do not produce venture-style returns on their own. Using equity to fund capex leads to dilution without leverage and eventually disappoints investors.

Pony addressed this by separating capital needs:

  • Equity to fund the company and strategy
  • Asset-backed debt to fund the fleet

This structure allowed Pony to scale assets without over-diluting shareholders and made the equity story more credible.

Why asset-backed financing has returned

Leydier explained why debt funds like Smart Lenders re-entered micromobility.

Hardware durability has improved, cashflows are more predictable, and asset performance can be monitored at a granular level. Risk can be isolated through SPV structures, allowing lenders to underwrite the assets rather than the entire company.

Key metrics for asset-backed financing include predictable revenue, stable margins, asset-level profitability, and a clear path to break-even.

Notably, asset-backed financing can work earlier than many founders assume. According to Smart Lenders, deals may start around €2 million in annual revenue if the model is proven and execution is strong.

The tradeoff is complexity. Structuring takes time, legal work is heavy, and timelines are measured in months rather than weeks.

Fundraising slowed because liquidity disappeared

Van Helvoirt offered insight into what happened inside venture funds during the downturn.

VC funds do not hold committed capital as cash. They rely on capital calls to limited partners. When exits stalled and liquidity dried up, LPs became cautious. That caution constrained VCs, even when funds were technically raised.

This explains why many founders experienced prolonged fundraising cycles even when investor interest appeared strong.

Growth capital still exists but must be validated first

The panel agreed that investors are still willing to fund growth, including non-profitable growth, but only after validation.

Small market tests, proven returns on marketing spend, and repeatable unit economics now come before large expansion rounds.

What no longer works is raising significant capital to expand into multiple markets without prior evidence that the model works there.

Exit thinking has returned earlier in the process

Another recurring theme was the return of exit logic.

With few large micromobility exits in recent years, investors increasingly want to understand what liquidity might look like if the venture path does not materialize. This includes private equity outcomes, EBITDA margins, and financial exit scenarios.

Companies that cannot articulate a credible fallback struggle to raise, even if growth is strong.

Fundraising timelines are longer than founders expect

Pony closed its round after roughly 180 investor meetings. That number reflected persistence rather than inefficiency.

The advice from the panel was consistent: share information early, do not optimize for meeting conversion, and assume fundraising will take longer than planned. Equity rounds commonly take several months. Debt structures take longer.

Starting late increases risk.

Regulation and city rules affect financeability

A final operational point focused on fleet replacement cycles driven by city rules and parking bay competition.

Asset-backed financing only works if the underlying regulatory framework allows sustainable profitability. If cities impose requirements that force frequent fleet replacement without corresponding economics, lenders will not participate.

Cormerais noted that many French cities operate as monopolies, which reduces this pressure. He also argued that fleet design matters. Vehicles should be durable and easy to refresh rather than disposable.

Capital follows operations. If the operational model does not work, financing structures will not compensate for it.