Our investment in Get Henry

• We’re delighted to be leading Get Henry’s seed, building the picks and shovels of last mile delivery: from providing e-delivery vehicles, fleet management software and in-house service — all while driving towards net-zero deliveries.

Let’s take a look at the e-wave…

• E-bikes offer an enormous opportunity to electrify logistics in cities. The combination of extended range and power combined with falling prices associated with batteries, mean that e-bikes are a much more affordable alternative for about 50% of logistics trips.
• Avoids millions of tonnes of carbon-dioxide emissions. Project Drawdown’s impact study found that cycling (regular and e-bicycles) could save US$24 trillion between 2015 and 2050 and avoid 225 million tons of carbon dioxide-equivalent emissions in 2050 (see the study here).
• Large and growing last mile delivery market. By 2030, McKinsey estimates a €90bn global last mile delivery market due to tailwinds of new entrants in the massive grocery market and the adoption of e-bikes by mail and parcel delivery services. The team estimates there are now over 600k delivery bikes in Europe.
• We believe multimodal e-mobility is the future of urban transport. Multimodal has been a core part of our thesis since our investment in Citymapper. We expect electric cargo bikes to become very attractive for last mile (source) and we’re already seeing postal services in several European countries piloting schemes with tens of thousands of cargo e-bikes (source).
• Europe is a great home. Bike lane infrastructure and a market with > 400 cities with populations over 160k. When we invested in Voi, this was the density we believed was large enough for e-scooter entry.

Enter our surfers…

• Fantastic operators: Luis started at 3,000 people at Uber and when he left they were at 20,000. Nik has experience from Rocket Internet, Lock8 (bike share hardware) and Noa (bike share IOT). When we met them, at the start of the pandemic, they had just pivoted from providing e-scooters to hotels, as they were starting to see more pull from delivery companies for serviced e-bike fleets.
• Multi-sector: They cater to all segments including food, grocery, pharmacy and parcel delivery with long-term contracts for e-bike subscriptions with the likes of Wolt, JustEat TakeAway, Delivery Hero, Gorillas, Flink, Getir, Jokr, Mayd and Arive.
• Phenomenal traction: Last year they launched in 29 new cities across Germany, Austria and Italy, now planning to enter Spain, Netherlands and France.
• Multi-modal: expanded their e-bike fleet to close to 10,000 bikes, and are diversifying their product portfolio with cargo bikes and electric mopeds and moving towards designing and producing their own specialist courier devices.

Thank you to Amanda and David at Founder Collective for introducing us to Luis and Nik, it’s amazing to partner with you again. This time alongside Visionaries, Third Sphere, and GreenPoint Partners, and with fantastic support from angels including Fredrik Hjelm (Voi), Roger Hassan (Tier), and Jan Dzulko (Everphone).