Electric motorcycle and e-bike startup ONE MOTO, has raised a bridge round, via crowdfunding platform Eureeca. The investment was led by the company’s CEO Adam Ridgeway and Miray Zaki, managing partner of Dismatrix. While the full "seven-figure" amount was not disclosed, ONE MOTO’S Eureeca page shows it raised $405,873 with an additional $130,000 invested separately. The company is expecting another $500,000 to come through in private investment, taking it up to seven-figures.
The British company, which launched last year in the UAE, is hailed as the region’s first electric vehicle company focused on food service and last-mile delivery, with more than 80 co-owners of its special purpose vehicle (SPV).
The funding will enable the company to expand regionally and enhance its data-driven vehicles, as it explores a regional manufacturing plant, creating jobs and opportunities for the future workforce and to up-skill those affected by the pandemic.
ONE MOTO presents a smart mobility alternative to petrol motorcycles which account for around 40 per cent of the cost of delivery, while delivery aggregators are pressing the cost of fuel and lease to their riders to try and operate a margin. In addition, the average age of the petrol motorcycles are two years, after which they are scrapped.
The company addresses this by presenting a range of eco-friendly and affordable electric vehicles, it offers a ONE++ care package, which after five years will replace the vehicle for free and recycle the replaced parts. It also promotes increased safety of riders through data driven vehicle telemetry, increased training and reporting, reduced working pressure and the ergonomic design to support rider health and wellbeing.
“ONE MOTO is more than a provider of sustainable mobility, we are environmentally focused and aligned with the 17 Sustainable Development Goals of the UN. Customers who purchase the vehicles benefit from the carbon offset, green PR and government grants, whereas those who lease the vehicles benefit from the profitability and sustainability,” said Ridgway.
The company expanded its sales network last year to four countries and is growing an international dealership network. It is working closely with various bodies in the UAE to switch the UAE’s last-mile vehicles to electric ones by 2024.
“We have a tremendous journey ahead of us, and successful trials are leading to sales with the region’s largest and global last-mile players. With a variety of lease and finance models available, we are on track to secure our 2021 targets by the end of Q1,” said Ridgway.
“Being focused on sustainable yet financially viable businesses, we were truly impressed with the ingenuity, passion, drive, and integrity of Adam and the broader ONE MOTO team. I’m personally excited to partner with Adam Ridgway and his team at ONE MOTO charting the way in tomorrow’s EV transportation world,” said Miray Zaki.