Avocargo raises millions in pre-seed round

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

Avocargo has closed its pre-seed funding 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 expand our range of e-load bikes and is a nice confirmation of our potential in the European mobility market," says CEO and co-founder Matti Schurr. In 2022, the Berlin-based start-up plans to expand to other German cities and other European countries. 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. Currently, the start-up rents 110 e-bikes in Berlin's Prenzlauer Berg, Friedrichshain and Mitte districts. There are no fixed rental stations, users can park the bikes at a location of their choice. Avocargo also cooperates with Holländer Pflanzencenter, Obi and Bio Company. The companies pay part of the rental fee for the cargo bikes.