Seaya Ventures invests in €20m series-A for Movo

The round was led by Spanish insurance company Mutua Madrileña, with participation from Seaya Ventures and Madrid-based chauffeur app developer Cabify.

Movo intends to use the fresh capital to accelerate its international expansion in several new markets across Latin America, including Argentina, Brazil and Uruguay, reaching a total of 10 countries by the end of 2019. In addition, the financing will be deployed to expand the company's fleet of e-scooters and e-mopeds in the cities where it already has a presence.

A representatives from both Mutua Madrileña and Seaya will have a seat on Movo's board of directors.

Previous funding
Spanish startup Cabify, which is backed by Seaya, provided seed funding for Movo in 2017.

Company
Founded in 2017 and based in Madrid, Movo offers a digital platform to rent electric scooters and mopeds in several cities across Spain, México, Chile, Colombia and Peru.

People
Seaya Ventures – Beatriz González (managing partner).
Movo – Pedro Rivas (CEO).
Cabify – Juan de Antonio (founder).

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