SAN FRANCISCO, June 28, 2016 /PRNewswire/ -- Scoot Networks, Inc. announced today that it has closed a new round of financing led by Mahindra Partners and Vision Ridge Capital, with participation from Tom Dinwoodie and other investors from previous rounds. This financing round closes simultaneously with Scoot's significant network expansion supported by a brand new fleet of hundreds of Mahindra GenZe electric scooters.
"We are proving that electric transportation can be both affordable and profitable," says Scoot Founder & CEO Michael Keating. "We now have the vehicles and resources we need to scale the business, thanks to our partnership with Mahindra and the ongoing support of our earlier investors."
Used by thousands of people every month, Scoot riders have traveled over 1,000,000 zero-emission miles to date. Scoots are mopeds and do not require a motorcycle license to operate.
"At Vision Ridge, we're big believers in next generation transportation models," says Reuben Munger, Managing Partner at Vision Ridge. "Scoot has developed very successfully since we invested two years ago. Mahindra becoming a major stakeholder is testament to Scoot's benefits for commuters, the environment, and the future livability of major cities around the world."
Anand Mahindra, Chairman, Mahindra Group, said of the transaction: "We are excited to partner with the terrific team at Scoot Networks to provide a sustainable solution to the growing challenges associated with urban commuting – parking, congestion, and pollution. The GenZe 2.0 is designed to intelligently address these challenges by offering relevant and affordable technology."
Zhooben Bhiwandiwala, Managing Partner, Mahindra Partners, said: "Mahindra's business practices emphasize our sustainable corporate philosophy. Scoot's service is both consumer friendly and ecologically sustainable. The problem they are addressing is global in nature and will grow in importance over the next few decades with the continued concentration of populations within dense urban centers."
Scoot Networks will use the new capital to continue the expansion of their San Francisco service and prepare to enter new markets in 2017.
About Scoot Networks
Scoot offers Electric Vehicles for Everyone: Hundreds of shared, smartphone-activated, electric motor scooters and mini cars available all over San Francisco for just $4 per ride. Used by thousands of people every month, Scoot riders have travelled over 1,000,000 zero-emission miles to date. Scoots are mopeds and do not require a motorcycle license to operate.
About Vision Ridge
Launched in 2008 to back transformative growth companies in sustainable energy, Vision Ridge Partners is an investment firm focused on changing the future. Our vision is to unleash capital markets to solve our generation's greatest challenge: the threat posed to our planet by climate change.
About Mahindra Partners
Mahindra Partners is a $900 million private equity and venture capital division of the Mahindra Group. Our aim is to grow and build great companies. The diversity of our portfolio — from steel processing and renewable energy to vocational education, retail, consulting infrastructure projects and media interests — reflects our ability to operate across diverse sectors. We provide capital and expertise to support our portfolio companies through many different phases of growth.
SOURCE Scoot Networks