Shared bike platform Fifteen has raised €40 million.
The France-based company is the combination of Zoov and Smoove, after the pair joined forces last year to become Fifteen.
The company, which has more than 50,000 bikes in operation in France and other parts of the world, plans to put the investment towards further growth.
Funds will go into recruitment enabling Fifteen to launch in cities faster as well as moving most of its technology production to Europe.
The company also wants to invest in “innovative solutions that constantly improve the sustainability, re-usability and recyclability of our products.”
In some areas, such as Bordeaux and the south of the Paris region, the Zoov brand will continue to be used.
Zoov was created in 2017 to provide the technology for shared bike services while Smoove was founded in 2008 as a shared bike service.