According to Tech Crunch, the funding was led by EIT InnoEnergy, an investor supported by the European Union that works with companies who promote sustainable energies.

Swobbee hopes that through the funding and InnoEnergy's support, it will be able to build a battery swapping station network in Germany and two more European countries.

Swobbee functions as a Battery-as-a-Service model, providing the customers with a battery pool. From ensuring the availability of fully charged batteries, to managing defective batteries and recycling, the startup aims to take the hassle out of batteries. Payment is structured in a monthly subscription model.

In its Charging-as-a-Service model, the team takes care of all the processes required to safely and efficiently charge its clients batteries. The startup has strategically placed stations that are exclusively dedicated to charging batteries. Payment is structured in a pay-per-swap model.

Swobbee took the business model from Taiwanese company Gogoro that produces electric mopeds and developed a battery swapping network in their home country and that is now expanding further into Asia.

Thomas Duscha, CEO and co-founder at Swobbee, said that "Gogoro's is a highly vertically integrated model with e-mopeds, but as we know, the e-moped will never be the number one transport mode in Europe, so we believe in small mobility like e-bikes, cargo bikes and kick scooters.”

Gogoro has the advantage of manufacturing their own mopeds and through collaborating with different OEMs, it was allowed to make its stations compatible with one battery type.

Swobbee, on the other hand, has developed a battery-swapping network that is able to host six battery types, with plans to add two more this year.

“We have standardized it so that only a compartment that is designed for a special battery needs to be swapped, and you can really set up the infrastructure once and then adapt to the needs of the city”, Duscha added.

Swobbee was founded in 2017 and ever since its collaborated with companies that have similar vehicles in their fleets, like last-mile delivery or shared micromobility providers.

DHL Logistics, DPD and share mobility provider Tier are among the companies Swobbee worked with so far.

Duscha said that his company singed with one of the "top three" micromobility operators as a client, but he didn't want to name the specific company.

One of the startup's goals for 2022 is, beyond expanding the business, to work with personal customers and their own vehicles, similarly to how Gogoro operates.

The Swobbee CEO said that “this year, we are piloting together with the European Union a B2C model where we would like to discover if swappable batteries or battery-sharing services could be a thing for European customers.”