Copenhagen-based Cogo has acquired eScoot, a leading shared mobility aggregator in Central Europe. Together, Cogo and eScoot have helped more than half a million users in over 100 countries find and compare shared electric scooters, bikes, cars and models in their city.
Launched in 2020, Cogo is one of the world’s most comprehensive price comparison tools for shared mobility, helping users check price, availability and travel times from multiple operators in just one simple search. In 2021, the startup picked up €1 million and has been growing from strength to strength as the European mobility sector has exploded.
Also headquartered in Copenhagen, eScoot gathers shared electric vehicles for better urban mobility and greener cities, helping users find electric and human-powered vehicles in their city. The app compares prices from over 250 operators across the world.
With this acquisition of eScoot, Cogo expects an immediate boost to its expansion plans in key European markets such as Germany, France and the UK, accelerating user growth outside its current footholds in Southern Europe and the Nordics.
Robin Eriksson, Co-founder/CEO Cogo said: “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.”
In a short period of time, the shared mobility market has skyrocketed across the world. Currently, the market is valued at approximately €35 billion, the industry is projected to exceed €440 billion in value by 2030. This acquisition by Cogo follows a period of rapid consolidation in the market where we’ve recently seen TIER acquire Wind Mobility Italy as well as nextbike and Ridango acquire LIT Transport. This new acquisition deal is one of the first amongst shared mobility aggregator platforms.
Since its launch in 2020, the Cogo team have been developing a solution to the fragmented mobility market without an easy way to cross-check price and availability. Their efforts have so far paid off, as their app has experienced an over 40% monthly growth rate during the past year. Looking ahead, the company plans to add more cities, more mobility operators (currently 250), and more features in the coming year, such as in-app booking and payments.
Robin Eriksson, continues: “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, we believe we can do just that.“