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Kineo: From the vote of confidence of the Vasilakis group to the ‘hunt’ for new financing

By Matina Harkoftakis

Only a year and a half has passed since Kineo started its journey in the Greek market, however the startup created by Adam Markakis has so far achieved several important milestones, starting with the trust shown in the project by the Vasilakis group ( Aegean and AutoHellas), which was the initial and currently main financier of the business. The beginning was made when Mr. Markakis, who used to work at AutoHellas, presented the project to the people of the group, who in turn believed in the prospects presented by the two-wheel electric drive market, which has, so far, translated into funds of the order of 740,000 euros.

Demand from individuals and businesses

Kineo enables either individuals or businesses to choose the electric bike or scooter that meets their needs and to rent it for as long as they wish. “Our goal is to show that there is an alternative way, friendly to the environment, for the movements involving short distances and mainly within urban centers”, the founder and CEO of Kineo, Adam Markakis, notes to capital.gr.

Within these 18 months that the Greek startup has been active, it has added to its fleet more than 700 vehicles, all privately owned and of the latest technology, and can now serve every region of Greece. Although there is a 50-50 balance between private individuals and businesses that rent its vehicles, a greater demand from private individuals is recorded in Attica, while the picture changes in the main tourist areas where several companies proceed more easily to rent electric bicycles or skates.

New round of funding

With an eye on further expanding its footprint in the domestic market as well as its future entry into countries beyond its borders, the company is currently running a second round of financing with the aim of bringing in new investors. “We estimate that within the next 3 months it will be closed”, underlines Mr. Markakis and continues by saying: “The new funds that will be raised, we plan to direct them to the further development of the product, the addition of additional members to the team as well as the expansion abroad. Regarding the last part, we have already identified some markets where we want to be the first to bring the specific product, just as it happened in Greece”. According to Mr. Markakis, one country that qualifies for Kineo is Romania, which is more accessible than other markets while also having good levels of bike usage.

The addition of electric motors to the frame

At the same time, it does not rule out the possibility of strengthening its fleet with electric scooters and machines in the future, expanding the options available to its users as it is interested in “every new type and technologically advanced vehicle that nevertheless concerns two-wheeled electric propulsion”. This is a sector which, although still in its embryonic stage, nevertheless promises great scope for growth. In fact, recently, due to the dramatic rise in the price of gasoline, more and more Greeks are willing to try alternative vehicles for their transportation, according to Mr. Markakis. It should be noted that Kineo provides the possibility to anyone who is interested to try an electric bicycle or skate, without having to pay 3,000 to 5,000 euros to buy it, while at the same time they will have technical support, service and safety.

Source: Capital

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