Can MUTE bring motor scooters to London at the click of an app?
Motor scooter business, MUTE (Multiple Urban Transport Evolution) is looking for crowdinvestors here in London. They offer a low cost, no ownership alternative to other forms of urban transport. Their all-electric scooters will be available through short or long term rental via a simple app. Unlike scooter ownership here’s no maintenance or insurance to worry about, its all covered in a monthly plan through MUTE. They also provide 24 hour roadside assistance. There’s also free access to a scooter for members in other cities where they are in operation. The sustainability doesn’t end with the hire, the company recycles all parts of each bike.
They already have successfully deployed scooters in China, Indonesia and Australia and have commercial contracts working with Sherpa’s (Shanghai’s answer to Deliveroo), and with DrinKuaidi (on demand delivery in Shanghai) and the bikes are in an early stage trial with DHL in London. They expect to deploy 2,900 units in the next 12 months. There’s also plans to franchise the concept to experienced operators in other European countries. Check out the video https://vimeo.com/207244602/7a898153e1
They are currently reaching out to investors through crowdinvesting website Crowdcube.
What is Crowdinvesting?
You’ve heard of crowdfunding but this is it’s newer, big brother.
Sites like Crowdcube create an investment platform to make investing accessible, affordable and rewarding by enabling everyday investors to invest alongside professionals and venture capital firms in startups, early and growth stage businesses. The model is similar to traditional crowdfunding except that you can choose the amount you opt to invest with and instead of receiving the reward of a product, the return is received in the event the company you have invested in makes an ‘exit’ in the future, such as a trade sale, IPO or share buyback.
So far 530 companies have successfully met their investment targets through the site (including Sugru where 1 investor invested £1million via their mobile phone app)!
MUTE have a great, viable business that is well suited to the need for sustainable transport in London and a proven track record.
How we can help a business in this situation
- A free consultation with Global Front Room to discuss their needs. We determine that their biggest priorities at present are promotion and networking. As we result we draw up an action plan to:
- Promote their crowdinvesting campaign through our networks (verbally, social media, newsletter etc)
- Introduce them to people who may be able to help with promotion and/or investment.
- Organise them to attend (and ideally speak) at a range of events such as Tech Australia & NZ at London Tech Week
- Before each event, we assist them with pre-event planning and networking, who is attending, who may it be helpful to speak with etc.
Clearly, MUTE is already a highly successful business and a business that’s ripe for scaling. What they need is UK based support and action to enable their expansion to the UK market.
MUTE has already raised £241,400 (about 30% of their goal of £800,000. We’d love to see them make a success of it!
Update: Since the time of writing, MUTE has successful raised over £1million pounds in investment. A fantastic achievement!