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Paris ’ commercial court hasacceptedCooltra ’s offer to take on Cityscoot . These two companies cater shared electric moped that you’re able to unlock and ride to go from one place to another . Cityscoot had been placed under court - ordered receivership several months ago .
As involvement rates hover around 0 % in Europe , micromobility startups thrived . Europe became the perfect resort area for scooter startup , bicycle - sharing military service and electric moped company thanks to dense city combined with a grim cost of working capital .
But things have taken a glum turn with rise stake rate . Not only did it became gruelling to rear financial backing round , but also to assure the debt quickness required to get new vehicles . It has nurture a wave of bankruptcy and mergers .
Cityscoot , one of the leading micromobility table service in Paris with its iconic white - and - blue electric mopeds , is the latest company that is going to stop operating following a last - minute acquisition fromCooltra .
Cityscoot was the first company to infix the construct of divvy up galvanic mopeds in Paris , before scooters from American company like Lime and Bird and divvy up bikes from Taiwanese company like Ofo and Mobike landed in Europe .
The ship’s company raisedtensofmillionsof euro from individual and public investors , admit Groupe RATP and Caisse des Dépôts . It expanded to other city , such as Nice , Milan , Rome and Turin — Paris remained Cityscoot ’s primary securities industry .
At the same clock time , foreign micromobility companies also started to attend at Paris as a potentially interesting grocery , including Cooltra and Yego . Lime even played around with the idea of launching galvanising mopeds in Paris . Cityscoot , Cooltra and Yegowon a tender processorganized by the metropolis of Paris to restrict moped to three operating licenses .
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Cooltra is mostly acquiring a user base
And yet , just a few months later , Cityscoot failed to secure a new funding troll to keep the company afloat andfiled for insolvency . It was later placed under court - ordered receivership . As part of this cognitive operation , the motor inn received several offers to acquire Cityscoot .
The company ’s former chief operating officer Bertrand Fleurose has beenvery vocal on LinkedInabout his intentions to bribe Cityscoot . But the court rule out his fling , likely because he did n’t have enough fiscal angel .
But Cooltra also wants to act quickly . The company says that Cityscoot user will be able-bodied to connect to Cooltra ’s app with their existing login information begin tomorrow . Cooltra ’s moped will also get new toughie to show that Cityscoot and Cooltra are now the same service to ease the transition .
As a reminder , in other micromobility news show , Bird recentlyfiled for bankruptcyafteracquiring Spin , and Tier and Dott announcedplans to mergeand form a single entity . Voi also recentlylaid off 120 people . And Superpedestrianshut downin the U.S.
It ’s a bloodletting for micromobility startups in the current economic environment . And Cityscoot ’s death is likely not the last caller to file away for failure in the space .
