Cogo has acquired rival mobility aggregator eScoot for an undisclosed amount.
Cogo and eScoot help users find and book electric scooters, bikes, cars and mopeds in cities across Europe.
Denmark-based Cogo says that the acquisition gives its' expansion plans a boost in key markets such as Germany, France and the U.K.
Robin Eriksson, co-founder and CEO at Cogo, says: “We are thrilled to combine forces with eScoot. 2021 brought tremendous growth for our company. By joining our efforts, we are in an even stronger position to make an impact in this rapidly growing industry and to better promote the adoption of shared and environmentally-friendly transportation options for the masses.”
According to Cogo, the shared mobility market has exploded recently and is valued at about €35 billion with expectations of it reaching a value of €440 billion by 2030.
It adds that its acquisition of eScoot follows other recent acquisitions in the market including Tier's purchase of NextBike and Wind and Lime’s acquisition of Jump.
Cogo, which was founded by former Momondo executives and launched in 2020, says it has experienced a 40% monthly growth rate in the past year.
The company plans to launch into new cities in 2022 as well as bring in more mobility operators.
Eriksson says: “You shouldn’t have to fumble between 20 different apps just to book a ride or find a scooter. This is a slow and annoying process for the users as they just want to scan and go. Our vision is to take the friction out of shared mobility. By offering people a more seamless experience.“
Cogo received funding of €1 million in April 2021.