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In a recent development, Flash, a new e-scooter startup based in Berlin has raised Series A funding of €55 million. This funding round was led by Target Global alongside other participants such as Idinvest Partners, Signals Venture Capital and other angel investors.
Flash was founded in 2018 by Delivery Hero and Team Europe founder Lukasz Gadowski, Carlos Bhola and Tim Rucquoi-Berger. Target Global, which funded a majority of investment was an existing backer of the startup. As of now, the startup has a team of over 50 employees roped in from Uber, Airbnb and Amazon.
Given this startup is still in its early stages, here we have listed some key takeaways about Flash.
Self-designed and built vehicles
Unlike the popular e-scooter service providers in the U.S. – Bird and Lime, Flash designs and builds its vehicles on its own, thanks to its off-the-shelf solutions. It is also involved in the simultaneous development of its own technology and hardware.
Aims to expand in Europe
Flash is running limited pilot programs in Lisbon and Zurich as yet. Apart from these cities, the e-scooter startup with its headquarters in Berlin is aiming to launch its operations in France, Italy and Spain by spring 2019. By this summer, it is also in plans to expand its service to the rest of Europe.
Partnerships in China
Though Flash has its headquarters located in Berlin, it was first posted in China where it has established a supply chain and a few other partnerships. The Chinese collaboration is likely to give the startup an edge that is needed for a successful business.
Competition from other e-scooter startups
The European market is gradually becoming a thriving space for e-scooter startups. As a result, several startups are trying to make their way to the European cities when it comes to expanding their business. So, Flash, which is in its early stages should come up with some strategy to leapfrog the competition that exists in the market.
Some of the notable rivals are Bird, Lime, Wind Mobility, VOI, Tier and Taxify. Recently, these startups have been raising sufficient funding from investors and venture capitalists. This makes the e-scooter market one of the hottest niches in Europe.
Stay tuned to Silicon Canals for more updates in the tech startup world.