Micromobility is scooting past the downward trends of the greater mobility tech vertical.
While the sector overall has been on an inconsistent trajectory with Q3 deal value declining 37.6% over the previous quarter, the micromobility segment has seen consistent growth. Over the last three quarters, micromobility’s deal value has grown nearly 40% as investors look to fund versatile forms of transportation.
The micromobility segment encompasses manufacturers and network operators of small, lightweight, often electric vehicles mostly suited for urban settings. This includes electric scooters, e-bikes and three-wheelers. Companies have been raising large sums; for example, Zero Motorcycles received $100 million in an ongoing round in October, according to SEC filings.
PitchBook’s latest market map below explores the micromobility segment, highlighting the vehicle types and services investors are betting on. Explore the sector by clicking on the teal title.
To go deeper, read our Q3 2024 Mobility Tech Report. PitchBook subscribers can also explore the full market map with more than 4,000 companies.
Spotlight: Micromobility
PitchBook analysts have broken out micromobility into five categories:
Management and analytics: Startups collecting fleet usage data in urban environments and offering management and coordination services for micromobility vehicle-makers.
Network operations: The deployment of micromobility fleets with accompanying infrastructure to maintain and care for vehicles.
Subscription services: Services that give consumers ownership and access to networks with a “mobility as a service” model.
Vehicle suppliers: Makers and developers of micromobility vehicles typically equipped with cost-effective electric powertrains. E-scooters and e-bikes are all examples of micromobility in action.
Other micromobility: Startups creating technologies assisting in the manufacturing of micromobility vehicles as well as tech to be equipped onto vehicles like wifi and GPS receivers.
In the micromobility segment, one of the largest deals of the year was for Indian Sedemac Mechatronics, a maker of micro-vehicle parts, which secured $100 million in May. Within the broader mobility sector, notable deals include ZeroAvia, an electric powertrain developer that raised a $150 million Series C in September.
Exits, along with much of the VC landscape, have been muted throughout 2024—though there have been some bright spots. Avia Links, a vehicle connectivity specialist was recently purchased by NXP, a semiconductor company, for $242.5 million. In May, drone-maker Dedrone was acquired by Axon for about $400 million.
Featured image by Julia Midkiff/PitchBook News
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