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Onomotion raises USD 21 million to expand its urban logistics e-cargo bike business

By ET Bureau - December 06, 2022 1 Mins Read

Berlin-based Onomotion has come up with a scalable way to do micromobility-powered urban logistics — cargo e-bikes with built-in cover from the elements and attachable containers. With USD 6.3 million in equity and USD 15.7 million in debt, Onomotion recently closed its Series A round.

Proeza Ventures, Zu na mi GmbH, the European Innovation Council, and current investors provide the equity, and GLS Bank is in charge of managing the debt in the form of bonds. According to co-founder and CEO Beres Seelbach, Onomotion will repay GLS with interest at a 5.5% annual rate after seven years.

According to the executive, Onomotion will scale operations by building more vehicles with the debt. The funding comes as more cities and logistics providers work to develop package delivery strategies that are both more efficient and sustainable in dense urban areas.

Also Read: Accelerating Digital Transformation: Simple Answers to Complex Issues

Read More: Onomotion raises €21 million to expand e-cargo bike urban logistics business

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