Movo raises $22.5M for LatAm expansion

LatAm ListMovo, a Madrid-based e-scooter startup has just raised $22.5M (€20M) from Mutua Madrileña and Seaya Ventures to finance its international expansion. Movo’s parent company, Maxi Mobility, launched the startup a few months ago after the success of Cabify and Glovo in LatAm.

“The equity investment in Movo reflects Mutua Madrileña’s aspiration to respond to the new mobility needs that are emerging, and to the economic and social changes that are occurring and that are transforming our life habits,” commented Javier Mira, General Director of Mutua Madrileña.

Movo currently operates in Spain, Mexico, Colombia, Peru, and Chile, and is looking to operate in a total of ten countries by the end of 2019, including Argentina, Brazil, and Uruguay.

“We are very excited to be able to offer a solution to the problems of mobility in cities, particularly for short distances in areas with high population density,” said CEO Pedro Rivas in a statement. “We are committed to working together with governments to complement mass public transport with these new micromobility alternatives, so that people can get around in a more sustainable and efficient way.”

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