Avocargo raises millions in pre-seed round

In its first financing round, the start-up from Berlin impressed investors with its rental system for e-cargo bikes.

Avocargo has closed its pre-seed financing round with a seven-figure contribution, according to the start-up itself. EIT InnoEnergy led the round. Exxeta AG, WestTech Ventures, Starthub Ventures and Miles founders Alexander Eitner and Florian Haus also participated. Other investors include business angels Jerrit Siegmund, David Shakory, Martin Johann Fröhlich, Bartosz Reinhold, Kenan Tur and Tobias Wittich.

"The funding will help us to expand our range of e-cargo bikes and is a nice confirmation of our potential in the European mobility market," says Managing Director and co-founder Matti Schurr. The Berlin-based start-up is planning to expand to other German cities and other European countries in 2022. The capital raised will be used to prepare this step and further develop the technology.

Matti Schurr, Marc Shakory-Tabrizi and Loic Pinel founded Avocargo in March of this year. The start-up currently rents out 110 e-cargo bikes in the Berlin districts of Prenzlauer Berg, Friedrichshain and Mitte. There are no fixed rental stations; users can leave the bikes at a location of their choice. Avocargo also cooperates with Holländer Pflanzencenter, Obi and the Bio Company. The companies pay part of the rent for the cargo bikes.