Cargoroo raises €10 million to grow in Europe

AMSTERDAM, the Netherlands – Cargoroo has raised €10 million from investors to support the growth of its shared e-cargobike concept. Having established a presence in multiple Dutch cities and two cities in Belgium and Berlin, the new investment will be used to support launches in more European cities.

Cargoroo launched in 2018 in the Netherlands. The shared e-cargobike platform currently owns a fleet of over 700 e-cargo bikes, all with a distinctive yellow colour. The Cargoroo fleet is entirely made up of Urban Arrow cargo bikes which have been specially adapted to the needs of shared usage. The company’s user base, which has grown threefold over the past year, now includes tens of thousands of customers. Two new investors, The Sharing Group and Participatiefonds Duurzame Economie NoordHolland (PDENH), have joined the existing investor, Fairtree Elevant Ventures. Together with lease companies, they are investing €10 million.

Expansion across Europe

The money will be used to speed up the expan-

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sion of the company’s bike-sharing concept across Europe. In Q3 of 2023, Cargoroo aims to introduce its concept in more cities across Germany. Also, the company will enter the French market in Q2 in Lyon.

In the European cities where the bike-sharing concept is already a well-known sight – such as Antwerp and Berlin – Cargoroo will further expand its presence. Here they will significantly increase the number of available cargobikes.

“Besides capital, the investors bring extensive experience and knowledge of the sharing economy, the public sector and mobility to the table,” explains CEO Erik de Winter.

As a public fund, PDENH, one of the new investors invests in businesses and initiatives