According to tech.eu, the company, which is the result of the combination between Smoove and Zoov, was financed, among others, by Eiffel Essentiel and 2050 and it will use the funds in order to create Augmented Bike Networks across multiple European regions.

They also want to help the environment, which is why most of the production line is planned to be moved within Europe, as well.

Benoit Yameundjeu, CEO at Fifteen said that “our ambition is to erase the boundaries between city centres and suburbs, and to increase flexibility between different bike uses, in order to build more human and sustainable cities. With the fresh capital infusion, we will accelerate the deployment of Augmented Bike Networks in all territories, democratising the use of bikes to improve our collective well-being.”

Bike sharing services, like Fifteen, can have many benefits for communities bringing, among other things, a healthier lifestyle and better air quality.

At the same time, they can also help with traffic jams.