Micromobility firm Dott has raised $70m in an extension to its series B funding, after it was backed by Edinburgh-based investment firm Abrdn and Belgian holding Sofina.
Following today’s cash injection, Dott’s total series B funding now stands at over $150m, in a mix of equity and asset-backed debt, including $85m that was announced last spring.
“Environmental, social and governance considerations are at the heart of our process as we seek the most sustainable investment opportunities globally,” said Alistair Watson, Abrdn’s head of strategy innovation and private equity.
“We felt that Dott is well positioned to be a leader in the category, offering a high quality product that has been recognised with significant growth in 2021, alongside a responsible business model which takes a rigorous approach to minimising its carbon footprint.”
Created in 2018, Dott made the headlines in the UK when this summer it participated to a 12-month trial with rivals Lime and Tier to launch e-scooters across London.
More recently, Dott has joined a partnership with Lime, TIER and University College London to develop a universal sound that would alert road users of the presence of e-scooters, City A.M. reported.
Endorsed by Transport for London (TfL), the project will begin next month, while trials will be conducted in the capital throughout the year.
The sound will be developed taking into consideration the needs of people with sight and hearing loss, as well as of those with neurodiverse conditions.