Malmö based MoveByBike has announced a conditional acquisition of shares in the last-mile courier service provider Bzzt AB. The merger aims to enhance their competitiveness and expand their offerings, with a focus on delivering customer orders within an hour. Both companies share a vision of improving urban environments by developing efficient and eco-friendly transport and logistics solutions. The combined fleet will incorporate MoveByBike’s electric cargo bicycles and Bzzt’s electric mopeds and three-wheeled pods.
The acquisition is valued at €2 million (SEK 23,3 million), which will be in shares in MoveByBike.
The acquisition will result in a strengthened financial position and the ability to provide quick, emission-free delivery services in a rapidly growing market. This partnership is expected to expedite profitability and facilitate the ambitious expansion plans of the merged companies.
The founders, Lisette Hallström (MoveByBike) and Sven Wolf (Bzzt), see this merger as a strategic move and a response to the increasing demand for efficient delivery services. After the completion of the transaction, they intend to broaden the expertise of the new conglomerate’s board by adding at least three members with previous experience in Bzzt.
MoveByBike operates in e-commerce, logistics, and micromobility and is one of the few market players engaged in entirely eco-friendly transportation. The company’s primary mode of transport is its self-developed electric cargo bicycle, capable of carrying up to 200 kg of cargo with a storage space of up to four cubic meters. In 2020, the company generated around € 2.3 million in revenue, with over 500,000 deliveries performed.
This strategic move is seen as a crucial step for both companies, as it positions them as prominent players in the delivery and logistics sector, offering not only rapid one-hour deliveries but also sustainable, eco-friendly services.