German startup Dance has raised $ 19.4 million in new funding (€ 16.5 million). The news comes just weeks after the company began rolling out its e-bike subscription service in Berlin.
Eurazeo is currently leading the round. HV Capital and BlueYard are also investing, as are Dave Morin and James Higa of Offline Ventures, Nicolas Berggruen, Roxanne Varza and Verena Pausder.
As a reminder, Dance has designed its own e-bike called the Dance One. It includes a carbon belt, hydraulic discs, an integrated smartphone holder and a removable battery with an expected range of 55 km.
Customers do not buy the bike directly. Instead, you can subscribe for € 79 per month (around $ 93 at today’s exchange rate). After that, it’s a hassle-free experience. If you have a flat tire or other problem with your bike, Dance can send a mechanic to fix it for you.
There is no long term commitment, which means you can rent a dance bike for a few months or several years. This can be a great deal for people who don’t ride a regular bike yet. This way, they can see if they want to cycle for the long haul before buying their own bike.
Now that the design of the bike is ready, the startup must deploy its service. This is only the start as there are currently “hundreds” of Dance e-bikes on the streets of Berlin.
But today’s funding round will come in handy as the company plans to double the size of its team with new hires in operations and engineering. The dance will expand to more cities across Europe from 2022.