The new Irish cycling business has begun to raise €5 million to expand during the course of 2018 having just begun operating. The expansion plans are aggressive and are set to get underway immediately.
Urbo dockless bikes targets €5 million funding
The new Irish bike sharing business Urbo is raising €5 million to fund its development and expansion plans.
It specialises in dockless bikes and is focussed on launching in the UK and Irish markets first.
The company is comprised of four Irish businessmen. They include Shane Connaughton of the well known Dublin cycling shop Cycleways.
Also involved is Iain Cameron, managing director of Bike to Work.
The McGovern brothers, Brian and Tom, are also partners in Urbo. They own the Dublin School for Grinds.
Some 250 Urbo bikes have been rolled out in London borough Waltham Forest.
The money the company is raising is intended to fund expansion in the UK, Ireland across Europe.
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Urbo is planning in open in a new location at a rate of one per week in the UK and Ireland next year.
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Brian McGovern told The Irish Times the efforts to raise the funding had just begun. And he said the money would be used to purchase bikes.
“With Urbo, we have seed-funded the business ourselves to date and have just started our fundraising of €5 million," he said.
"We plan to go back to the market for a significant round B in the second or third quarter of 2018."
Rather than finding and dropping off the bikes at docking stations, users will download an app and digitally track the nearest Urbo bike.
The bikes will then be activated by users by scanning a QR code. After finishing a ride, Urbo bikes can be parked anywhere. The bikes will cost 50p for a half hour.
Urbo is launching into a competitive market, with other bike shares are already operation.
In London so-called Boris Bikes operate in the same way as Dublin Bikes; with docking stations.
But in both London and Dublin stationless bike share schemes will form part of future transport.
In Dublin, BleeperBike recently attempted to launch its dockless bike share scheme.
Dublin City Council forced them to disable their app, thus grounding the scheme. However, BleeperBike has sidestepped the council to an extent.
It has secured permission from colleges and smaller local authorities to roll out its bikes.
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