Micromobility firm CityBike boosted by new investment
Posted: 22 May 2020 | Sam Mehmet (Intelligent Transport)
Sherpa Capital’s investment in CityBike aims to further strength the company and accelerate the growth of its international business via the implementation of shared bicycle systems in new cities.
Sherpa Capital, a private equity fund manager, has announced the acquisition of a stake in Spanish company CityBike, which was created in 2014 by the Moventia Group as the company’s micromobility division.
In 2014, CityBike won the operation of Helsinki’s public bicycle system and, since then, it now operators three other concessions in Finland and Peru.
The investment is said to come at a time when interest in bicycle sharing has been accentuated by the search for environmentally friendly mobility solutions and alternatives to traditional private and public transport derived from the COVID-19 crisis.
Lars Becker, Partner at Sherpa Capital, said: “Our investment in CityBike will provide the company with resources to execute its expansion plan and, additionally, will serve to support the management team organisationally with a focus on business development and business scalability. Throughout this process we will also count with the extensive experience of Moventia, which will continue to support the development of CityBike”.
Jordi Cabañas, General Director of Moventia’s public bicycle division CityBike, added: “Sherpa’s arrival in our company consolidates our international growth project and leaves us in an excellent position to implement a large number of shared bicycle systems in cities in Europe and Latin America.”
“It is a satisfaction for Moventia to have the opportunity to continue growing in one of our strategic divisions such as the public bicycle, now together with Sherpa Capital. This is an opportunity for the group to consolidate the work and the investment that we have been making over the last 10 years in the micromobility sector, which is key for any city and country that makes clear commitments to sustainable mobility that complement current models,” commented Miquel Martí Pierre, Director of Expansion of Moventia.