Ridemovi, a Milan-based company operating in the micromobility sector in Italy and Spain, particularly in bike, e-bike, and electric scooter sharing, aims to expand its presence. To do so, the company, owned by Generali, has structured a financing aimed at supporting its growth thanks to a group of banks composed of Illimity (Banca Ifis Group), also acting as coordinator, Cassa di Risparmio di Bolzano, and Banco di Desio e Della Brianza.
The company was assisted by Ethica Group, with its debt advisory team for financing and structuring aspects. Morri Rossetti & Franzosi assisted the company with legal and corporate matters. The banking group benefited from the support of the law firm ADVANT Nctm.
Founded in 2018, Ridemovi has been operating in Italy since 2019, when Milan-based Idri BK, already managing Mobike’s Italian fleet, announced it had acquired Mobike’s entire European operations from its Chinese parent company and rebranded it as Movi.
Ridemovi offers electric bike-sharing and scooter-sharing services in numerous cities nationwide and internationally, promoting sustainable and innovative transportation solutions. It is therefore expanding in Italy (e.g., Imperia, Busto Arsizio) and Europe with e-bikes and scooters. It is also focutilizing on sustainability with electric fleets, and has already secured funding from ICCREA and Banca Generali in the past.
As mentioned, in August 2022, the Italian insurance group Generali acquired a stake in the company Ridemovi
The investment was finalized through a specialized investment fund managed by Ocorian Fund Management and subscribed by several companies of the Trieste-based group. Generali Insurance Asset Management handled all phases of the transaction, acting as investment advisor to the fund.
Alessandro Felici, CEO of Ridemovi, declared at the time: “Thanks to Generali’s investment, we will be able to accelerate Ridemovi’s international expansion and invest in research to continue innovating vehicles and services, building them increasingly functional and efficient.”
Ridemovi closed 2024 with revenues of €19.3 million, an EBITDA of €7.4 million, and net debt of nearly €10 million. Ocorian Fund Management holds a 19.94% stake, followed by Alessandro Felici with 19.22%, AHAVA srl with 19.21%, Zhu Yibo with 11.89%, Number1 Holding srl with 11.81%, and others with compacter stakes. DIGITAL360 spa is also present with 0.85%.
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(Featured image by Himiway Bikes via Unsplash)
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