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Bike-Based Delivery Service MoveByBike Grows Through Purchase of Danish Logistics Firm Chainge

Originally published on: 2024-07-03 17:32:23

Summary in Short:

Malmö-based last mile delivery startup MoveByBike has acquired Danish logistics company Chainge for €1.7 million. The acquisition aims to enhance MoveByBike’s operations in the Nordic region, leveraging Chainge’s expertise and established operations in Greater Copenhagen. The deal, set to close on July 8, 2024, will see Chainge operate under its own brand while integrating its workforce with MoveByBike. The transaction is expected to increase MoveByBike’s revenue by 50% and strengthen their equity by €1.7 million. Both companies share a commitment to sustainable logistics and aim to offer more efficient and eco-friendly last-mile solutions in the Nordic market.


MoveByBike, a last mile delivery startup based in Malmö, has recently acquired the Danish logistics company Chainge for approximately €1.7 Million (19 Million SEK). The acquisition will be settled through the issuance of reverse convertible notes, which will later be converted into new shares of MoveByBike. This strategic move aims to enhance MoveByBike’s operations in the Nordic region.

Strategic Expansion

This acquisition is part of MoveByBike’s plan to expand its presence in the European market, utilizing Chainge’s established operations in Greater Copenhagen. Chainge specializes in using electric transport bicycles for logistics and currently has around 60 employees. From January to May 2024, the company reported revenues of €433,000 with an EBITDA of €-190,000.

Financial Details and Operational Synergies

The acquisition is expected to boost MoveByBike’s revenue by approximately 50 percent while maintaining its current monthly performance. Additionally, the influx of assets from Chainge will strengthen MoveByBike’s equity by €1.7 Million.

“We are thrilled to join forces with Chainge. Our partnership will enable us to create more efficient and sustainable transport solutions for our customers in the Nordic market. We are excited about the opportunities this collaboration will bring in the future.”

– Lisette Hallström, CEO of MoveByBike

Closing and Future Integration

The deal is expected to be finalized on July 8, 2024, with Chainge continuing to operate under its own brand while integrating its workforce and operations with MoveByBike.

“Chainge has a strong focus on logistics, and we believe that our partnership with MoveByBike aligns with our vision. Together, we can offer more efficient and sustainable last-mile solutions for our customers in the Nordics.”

– Michael Junge, CEO of Chainge ApS

Commitment to Sustainable Logistics

Both companies are dedicated to promoting sustainable urban environments through emission-free transportation and logistics solutions. This acquisition positions MoveByBike and Chainge to further establish their presence in the green logistics sector in the Nordic region.

This acquisition signifies a significant advancement for MoveByBike as it strengthens its market position and expands its capabilities in sustainable logistics solutions.

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