Italian mobility start-up RideMovi ropes in growth financing

Milan-headquartered bike-sharing platform Ridemovi has raised Series A funding from Italian-origin global insurance giant Generali. Investment and M&A advisory firm GCA Altium advised Ridemovi through the funding round.

A cutting-edge sustainability proposition: Ridemovi is a sharing platform that allows urban commuters to travel via public bikes, e-bikes and e-scooters that can be found, unlocked and parked anywhere using an app. 

Ridemovi currently has a fleet of over 30,000 vehicles, serving more than 2 million registered users in 17 cities across Italy and Spain. Plans now are to reinforce this fleet, and expand the proposition through Europe’s evolving urban mobility landscape. New funds from insurance company Generali will be deployed to this end. 

Italy-based Generali is a 190-year-old insurance group with a global presence across 70 countries and more than €500 billion in assets under management – a reach that will benefit Ridemovi’s global ambitions. Helping things along is the Generali’s recognised focus on sustainability in its investments.

“We are convinced that Generali is the ideal partner to support Ridemovi in the next phase of growth,” noted Alessandro Soprano, managing director at the Milan office of GCA Altium – the European M&A advisory arm of global investment bank GCA that acted as sole financial advisor to Ridemovi through the transaction.

“It has been an absolute pleasure to work with Ridemovi team and we wish them and its new investor Generali well for the future,” added Soprano.

And the future looks bright for Ridemovi. Key focus areas in urban centres across Europe include cutting congestion; reducing pollution and other emissions; increasing transport efficiency; and ultimately improving city life.

Ridemovi is among a host of new digital solutions that are contributing to this broader movement, and is equipped with a strong digital base to support expansion and compete with other players in the space.