Hopp micromobility raises cash to build Escooter rental

Hopp Micromobility Secures $2.8 Million Funding From Brunnur Ventures to Build a Global Sustainable Micromobility Sharing Franchise.

Hopp (www.hopp.bike), the sustainable electric scooter rental company, is pleased to announce an investment by Brunnur Ventures of $2.8 million into the company to drive international growth of its worldwide franchise strategy.

Hopp is the sustainable transportation solution for the world’s modern city enabling riders to travel without leaving a carbon footprint. Hopp's primary mission is to leave behind a cleaner planet, one ride at a time, with all parts of the business carbon negative.

Hopp is uniquely focused on smaller cities, local travel and smaller fleets – an almost untouched market as more than 95% of cities in Europe with less than 500,000 inhabitants are currently unserved.

“Our goal is to influence the electric scooter market in the same way as McDonald’s for the hamburger,” commented CEO Eythór Steinarsson. “We want to bring this technology to smaller cities where there is a big opportunity and to get locals to work with us. We want to bring the sharing economy to the way people travel daily.”

“We’re investing in a different and more environmentally friendly way of travel as well as the sharing economy because that is the future,” says Margrét Ormslev Ásgeirsdóttir, Investment Manager at Brunnur Ventures who will take a seat in Hopp’s board. “We believe that the Hopp thesis coupled with their team’s extensive knowledge has great potential, and with Brunnur’s investment the company can speed up its growth abroad.”

Hopp is expanding its service globally by enabling individuals to launch and operate a Hopp franchise in their area, investing in a rapidly growing market and launching their own fleet on an advanced software platform with expert guidance, curated best practices and ongoing support. Franchisees can manage every aspect of their operation from a single comprehensive dashboard.

The Company now has 2300 scooters and 170,000 users in 3 countries, growing at a steady rate, with all franchisees making a return on their investment within one year of launch.