Dance Raises $13 Million to Grow Electric Mobility Subscription Services
Dance secured 12 million euros (about $13 million) in a funding round to grow its electric mobility subscription services in Paris, Berlin, Hamburg and Munich.
The company will use the new funding to further develop its hardware and software and expand its fleet of electric bikes and mopeds, Dance said in a Tuesday (March 11) press release.
“With this new investment, we will continue to scale our fleet and operations while refining our hardware, software and service to make clean mobility more accessible for urban residents,” Dance Founder and CEO Eric Quidenus-Wahlforss said in the release.
Dance said in the press release that it now has more than 10,000 customers and 80 corporates and is on track to reach full-year EBITDA profitability in 2025.
Together with new equity investors, Paris-based Smart Lenders Asset Management provided an asset-backed debt facility, according to the release.
Smart Lenders AM CEO Erich Bonnet said in the release that the type of financing his company is providing is typically reserved for larger FinTech companies.
“At Smart Lenders AM, we value innovations that deliver results, and Dance is a great example,” Bonnet said. “Their strong financial performance and profitability across markets made us eager to be part of their journey.”
Dance was co-founded by SoundCloud founders Quidenus-Wahlforss and Alexander Ljung, together with Jimdo co-founder Christian Springub, per the release.
The company’s service for individuals offers electric bike and moped subscriptions that include repair, theft protection, and an app that lets users monitor their rides, contact the concierge team and book repairs.
Dance also offers a Dance For Business service that lets companies subscribe to electric bikes and mopeds for their employees, with no-commitment subscriptions and a streamlined billing process.
The company raised 12 million euros in February 2023, saying that its B2B offering was signing up a growing number of partners.
“With the launch of Dance For Business, we enable companies to provide Dance ebikes and mopeds as an employee benefit,” Quidenus-Wahlforss said at the time in a press release. “By continuously growing our movement, we are driving the evolution of cities and making significant, positive contribution to climate change.”
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