Welcome to Micromobility Pro, a bi-weekly publication which is part of The Micromobility Newsletter, where we deep-dive into financials of micromobility companies and exclusive insights tailored for professionals and members.
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Erdem Ovacik, Founder of Donkey Republic is giving a keynote and Christian Dufft, CFO of Donkey Republic is speaking at the event!
Chart: Revenue vs Net Result (2017-2024), Revenue Split by Category
Chart: Key Metrics
EBIT and EBITDA as % of Revenue (2019-2024)
Revenue vs EBITDA per Bike/Month
Revenue Breakdown
Chart: Key Metrics (Revenue per Bike/Year, Trips, Fleet, 2020-2024)
Cost Structure
P&L Snapshot
Cash Position & Balance Sheet
Consolidated Balance Sheet
2025 Outlook
2027 Vision
Conclusion
About Donkey Republic
Donkey Republic is a Copenhagen-based micromobility company founded in 2014 by Erdem Ovacik and a team of Danish co-founders. The company operates a fully integrated, station-based bike-sharing platform focused on public-private partnerships with cities and transit authorities.
It designs its own hardware and software to ensure high vehicle uptime, a seamless user experience, and low operational costs. The model prioritizes long-term contracts with municipalities, positioning Donkey Republic as a reliable extension of public transit.
The company has raised funding across multiple rounds, including early investments from the Danish Growth Fund and other venture partners. In 2021, it went public on the Nasdaq First North Growth Market in Copenhagen under the ticker symbol “DONKEY.”
Donkey Republic’s core business involves providing pedal and electric shared bicycles through a user-friendly app. It operates under a Mobility-as-a-Service (MaaS) model, serving riders directly (B2C), partnering with cities (B2G/B2B), and offering its technology platform through a Software-as-a-Service (SaaS) model.
Ownership Structure
Ownership split as of 31st December 2024
Danmarks Eksport- og Investerings fond: 19.55%
Bladt Invest ApS: 16.85%
CDM Holding 2016 ApS: 14.48%
Vakstfonden Growth H/S: 8.69%
Spintop Ventures: 5.04%
2024 Financial Performance
Donkey Republic delivered its first profitable year in 2024, marking a key milestone in the company’s history and a big step towards their vision of achieving 15% EBIT by 2027.
Revenue reached €19.6 million, up 27% year-over-year from €15.5 million in 2023. Growth was driven by fleet expansion, improved vehicle utilization, and stronger e-bike adoption.
EBIT turned positive at €0.13 million, a €1.7 million improvement from the €1.6 million loss in 2023.
EBITDA nearly tripled to €3.4 million, up from €1.3 million.
Net loss narrowed significantly to €1.31 million, compared to €3.1 million the year prior.
The contribution margin improved to 52% (€10.3 million), up from 48% in 2023, supported by operational efficiencies and one-time effects such as €0.8 million in breakage income (unused wallet balances). Revenue per bike rose 20% to €77.2/month.
Revenue Breakdown
Total revenue increased 27% YoY, with growth across key business segments:
