Shared micromobility startup Hen mentioned it’s investing $150 million right into a European enlargement plan that can together with launching in additional than 50 cities this yr, a transfer that it says will double its footprint within the area.
This development plan is already underway with Hen not too long ago bringing its scooters to Bergen, Norway, Tarragona, Spain and Palermo, Italy.
Hen emphasised that its European enlargement can be greater than only a geographic one. Hen mentioned it’s including extra scooters to its fleets in current cities, which is nearing 50. The corporate additionally made a number of different guarantees as a part of its announcement, together with plans to launch new mobility merchandise and security initiatives, “the following technology of recycling and second-life purposes for automobiles,” investing in fairness applications and “securing partnerships throughout the area.”
It isn’t clear what these new mobility merchandise or initiatives round security or recycling can be. A Hen spokesperson mentioned these can be new automobiles and “transport modes” within the area. Hen didn’t present particulars about what it means by securing partnerships, a phrase that might imply an extension of its franchise program known as the Hen Platform or another sort of association with native governments or operators. Below the Hen Platform, which was first launched in November 2018, the corporate offers impartial operators with scooters to handle as they please in change for a proportion of the price of every trip.
Hen did say plans will embody applications just like the sponsored trip passes it introduced final week.
Hen has promoted firm insiders Renaud Fages to move of operations and Brendan O’Driscoll to international head of product to steer the trouble.
How Hen pays for this enlargement is as attention-grabbing as what it plans to do. A Hen spokesperson informed QuanticNEWS it’s utilizing “current sources” to fund these varied initiatives. Nevertheless, the pandemic, its acquisition of Circ and its effort to launch operations in new cities whereas sustaining current fleets have depleted its funds. (Final June, Hen shut down scooter sharing in a number of cities within the Center East, an operation that was managed by Circ.) The corporate’s final public fundraising bulletins have been greater than a yr in the past. The corporate raised $275 million in a Sequence D spherical again in September 2019. That spherical was later prolonged to $350 million.
Hen was reportedly near accessing new funds, in keeping with a report from The Data. The media outlet reported in January that Hen was within the midst of finalizing a deal to elevate greater than $100 million in convertible debt, led by current traders Sequoia Capital and Valor Fairness Companions.