Innovation, Startups and Venture Capital in Iceland

Hopp secures $2.8m funding from Brunnur

Earlier this month, the electric scooter rental company Hopp announced that Brunnur II had invested $2.8m into the company. The company hopes that this round of investment will allow them to grow internationally by setting up franchises worldwide.

“Our goal is to influence the electric scooter market the same way McDonald’s did for the hamburger. We want to bring this technology to smaller cities where there is a big opportunity and to get locals to work with us. We want to bring the sharing economy to the way people travel daily.” says CEO Eyþór Máni Steinarsson in a press release.

170,000 users in 3 countries

According to the company they’ve deployed just over 2300 scooters, have 170,000 users and as well as their own operation in Iceland they’ve opened up franchises in 2 other countries.

“We’re investing in a different and more environmentally friendly way of travel as well as the sharing economy because that is the future. We believe the thesis coupled with the Hopp’s team extensive knowledge has great potential. With Brunnur’s investment the company can speed up its growth abroad” says Margrét Ormslev Ásgeirsdóttir, investment manager at Brunnur Ventures who will take a seat in Hopp’s board.

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