Onomotion raises €21 million to expand e-cargo bike urban logistics business
Berlin-based Onomotion has come up with a scalable way to do micromobility-powered urban logistics — cargo e-bikes with built-in cover from the elements and attachable containers. Today, Onomotion has a couple hundred vehicles on the road in Germany with logistics partners like UPS, DPD and Hermes. Over the next few years, the company wants to expand to several thousands of vehicles across Europe and North America.
Onomotion just closed its Series A, with €6 million ($6.3 million) in equity and €15 million ($15.7 million) in debt. The equity comes from Proeza Ventures, Zu na mi GmbH, the European Innovation Council and existing investors; and the debt, in the form of a bond, is operated by GLS Bank. Onomotion will pay GLS back after seven years, including a yearly interest rate of 5.5%, according to Beres Seelbach, co-founder and CEO. The executive said Onomotion will use the debt to build more vehicles so it can scale operations.
The funding comes as more cities and logistics companies move towards finding both more sustainable and efficient…