14.01.2025 | News
The new loan from Nefco, combined with financing from EIFO and Sydbank, will support the Danish bike-sharing company’s continued expansion in European cities.
Nefco – the Nordic Green Bank – has signed a EUR 6.3 million loan agreement with Donkey Republic Bike ApS; the Danish company is the leading provider of bike-sharing services in Europe. Nefco’s financing is part of a debt facility totalling DKK 61 million (approximately EUR 8.2 million), with the other financiers being EIFO (Danmarks Eksport- og Investeringsfond) and Sydbank, a leading commercial lender in Denmark.
This is a second loan from Nefco. In 2022, Nefco lent EUR 5 million to Donkey Republic for the expansion of its bike-sharing services across Europe. The new financing will replace the existing Nefco loan and be used for new activities related to the company’s scale-up.
“We are delighted about our continued partnership with Donkey Republic. With a business model that is highly scalable and contributes to the circular economy, Donkey Republic offers significant environmental benefits and is therefore aligned with Nefco’s objectives as a green financier. We are excited to further boost their growth and accelerate the scale-up of their bike-sharing service,” comments Søren Berg Rasmussen, Investment Manager, Nefco.
The financing will fuel strategic investments, primarily focused on expanding Donkey Republic’s bike fleet in 2025, and enable the company to refinance existing loans with improved conditions.
“We are thrilled to have secured this significant funding from a consortium of strong financial partners. This debt facility, combined with our equity base, provides us with the financial flexibility to pursue our ambitious growth plans,” says Christian Dufft, CFO of Donkey Republic.
Niels Henrik Rasmussen, CEO of Donkey Republic, added, “The consortium of financial players matches aligns with our profile of sustainability, our market growth and in positioning the company for sustainable success.”
Shared and low-carbon transportation contribute to reducing greenhouse gas emissions. Bike sharing, as a form of first- and last-mile transportation, can replace fossil fuel transportation in urban areas, reduce CO2 emissions and air pollution and promote greener inner cities. During 2023, Donkey Republic contributed to approximately 528 tons of CO2 emissions reductions.
Founded in 2014, Donkey Republic is a data-driven technology company that facilitates bike sharing and provides a reliable bike-sharing service for cities and citizens. With operations in seven countries and 55 cities, Donkey Republic operates primarily in the so-called micromobility market (0-5 km distances), and secondarily, with its e-bike fleet, in the mid-distance market (5-10 km distances).
For more information, please contact:
Søren Berg Rasmussen, Investment Manager, Nefco
+358 10 6180 674, soren.rasmussen@nefco.int
Niels Henrik Rasmussen, CEO, Donkey Republic
investor@donkeyrepublic.com
About Donkey Republic
Founded in 2014, Donkey Republic is a Danish purpose-driven impact company active in the micromobility industry. By partnering with cities, Donkey Republic offers flexible, affordable and more sustainable modes of transportation for citizens. Donkey Republic is a publicly traded company listed on the Nasdaq First North Growth Market. The company was listed in 2021, helping to onboard investors, support growth, expand into the European Market, and secure a foothold and develop its market position in the European micromobility space. With thousands of Donkey bikes in operation, Donkey Republic aims to grow its business and fulfil its vision to improve the quality of urban city life through responsible bike sharing.