We are beyond thrilled to announce our:
INTENTION TO FLOAT ON NASDAQ FIRST NORTH GROWTH MARKET COPENHAGEN
Approximately 13,000 bikes in +60 cities in 14 countries. Since the establishment of the business in 2014, Donkey Republic has seen a huge growth in the market. The Danish bike sharing company is now ready to expand its bike sharing solution to even more countries and is preparing for a listing on Nasdaq First North in Copenhagen.
Continually growing in European cities from Barcelona in Spain to Iisalmi in Finland, Donkey Republic is planning to list on Nasdaq First North in Copenhagen. The company expects to raise DKK 100m in 2021 and will soon announce its listing material.
As the world population moves closer together at increasing rates, it intensifies the pressure on cities, sparking a surge in city density and traffic. This development has led to exponential demands for bike sharing solutions, following suit, governments and municipalities have begun to define clear objectives to get people out of private vehicles and onto a combination of public transportation and micro mobility like Donkey Republic’s bike share. A development supported by increasing public subsidies across Europe.
Donkey Republic has developed a turnkey solution for modern cities that are focused on a transition to a more sustainable agenda with easy and automated access to bike sharing. Both public institutions and private partners can implement and use the digital platform. The users are able to locate the easy recognisable orange Donkey Republic bikes though their app that also works as a key to unlock and lock the bikes. All bikes can be used within GPS-designated areas 24/7.
Due to their collaborative nature, Donkey Republic’s partnerships have led to success in multiple European countries, not just in adding new cities but also in expanding current cities due to their approach to building great relationships with each city through working together. The company plans on raising new capital to continue its growth and both enter new markets and continually expand existing ones.
“Because of our practical and innovative solution we have managed to establish ourselves as the leading player within bike sharing in Europe in just six years. We have built a strong foundation based on providing as little friction as possible to both users and cities which in turn allows us to start up in new cities within as little as 1 month”, says Erdem Ovacik, co-founder and CEO of Donkey Republic.
More than 50,000 “donkeys” by 2024
During the next four years, Donkey Republic expects its shared bike fleet to grow by more than 50,000 bikes and e-bikes, the annual turnover to rise to approx. DKK 200m and the company to make profit.
Vaekstfonden (The Danish Growth Fund) is the main shareholder in Donkey Republic. It has been an investor since 2016, and it will also be investing in the upcoming IPO. CEO, Rolf Kjærgaard, says:
“Vaekstfonden strives to help develop the green companies of the future, which Denmark cannot miss. Donkey Republic was founded on a belief in sustainability and has proven to have a scalable solution that is in high demand. Donkey Republic has a strong vision for sustainable micro mobility and a Management Team that is passionate and fights for the cause. It is crucial that we can list strong growth companies with sustainable ambitions in Denmark, and therefore, we are pleased to be able to contribute to this next step in the growth journey of Donkey Republic”.
A high-growth market
Today, half of the world’s population lives in cities. By 2050, the UN predicts that it will grow to two-thirds. This congregation puts exponentially growing pressure on city infrastructures which in turn creates a bigger focus on greener mobility.
“Cities around the world are being challenged by rising populations and heavy traffic. Therefore, micro mobility is on the rise worldwide and Donkey Republic is at the forefront of solutions to this epidemic. Donkey Republic has already proven its worth, and we see great potential in further developing the products and scaling the business in order to strengthen our position in the market.” – Chairman of Donkey Republic, Caroline Søeborg Ahlefeldt.
Donkey Republic expects that the market for sharing bikes in Europe will grow 15-20 percent annually over the next five years. Their commitment to solving global issues has captivated the attention of cities across Europe and their ability to solve everyday problems holds the attention of new riders putting them in the perfect position to take part in the growth of the entire European market which is expected to grow to 100-150 billion dollars. According to the report “Micromobility’s 15,000-mile checkup” by McKinsey & Company.
About Donkey Republic
Donkey Republic is a Danish tech company with approx. 13,000 bikes and e-bikes located in more than 60 cities in 14 countries around Europe with more bikes and cities being added all the time. The company has developed its own digital system from scratch as well as its own bike design, which has been nominated for a Danish Design Awards. In most of the cities, the bikes are run by partners, while a few larger cities are run by Donkey Republic. The company enables everyone to make green choices and contribute to the green transition because; “Every Ride Counts”.
