The E-Scooter Co. has received a six-figure funding package from HSBC UK to support its continued growth as the use of electric vehicles continues to surge.
Established in 2019, The E-Scooter Co. is one of the leading electric scooter retailers in the UK, stocking top global brands such as Kaabo and Dualtron and offering expert purchasing advice to customers. Following a substantial increase in demand, the funding by HSBC UK will enable the company to expand its product range and grow globally.
The predicted growth of electric scooters and the continued growth of the e-retail market, means that The E-Scooter Co. also has expanded its reach, serving customers globally.
Zoe Botbol, Co-Founder at The E-Scooter Co., commented: “Over the past two years, we’ve seen a major increase in interest for electric scooters for the use on privately owned land and settings. The support from HSBC UK has been invaluable in allowing us to meet this demand and pursue relationships and business deals which will support our company growth”.
Raj Yadav, HSBC UK Southwest London Senior Commercial Manager, added: “The sustainable transport market is growing, and we’re delighted to be able to support The E-Scooter Co. with funding to increase stock and meet demand responsibility. The company has a clear commitment to educating people on safely riding electric scooters and ensuring that the public and businesses are well informed to choose the best scooter for their needs.”
Rising fuel costs coupled with demand for more sustainable modes of transportation has resulted in more people turning to electric vehicles. As a result, global insights company Research and Markets predicts that the electric scooter market will experience annual growth of over 30 per cent from 2021 to 2028, reaching $677.2 billion by 2028.
Since July 2020, local councils have been trialling rental e-scooters for use on public roads, cycle lanes and tracks to reduce carbon emissions in cities around the country, with London the latest city to begin trials.