Urban mobility specialist Onomotion has secured €6 million in Series A funding.
The Berlin-based tech company has launched an e-cargo bike designed for urban logistics - a hybrid between an electric bike and a car - but now wants "to scale the production capacities as well as the distribution of the Ono e-cargo bike and expand into further markets".
As a result, sales are expected to increase significantly, it says.
Kai Brentle, CFO at Onomotion, explains: “Inner-city logistics is a business that is primarily about efficiency and profitability. Onomotion’s e-cargo bikes can cover all needs in urban logistics due to their modular system and sustainable operation,” says Brentle. He sees ONOMOTION’s great potential in scaling, i.e. the possibility of increasing sales through in-house production and opening up new markets. “This will bring us a big step closer to our vision of tomorrow’s mobility,” says Brentle.
The company already works with logistics companies such as UPS, DPD and Hermes, and says Ono "allows faster and more efficient movement, saves space, protects the environment and saves resources."
Series A investors include Proeza Ventures, Zu Na Mi and European Innovation Council (EIC).
The company is also launching a €15 million bond with GLS Bank.
