And what’s next?

There’s only one thing we can say for sure: London isn’t going to sit still. And micromobility won’t either.

👉 The next big unlock will come from software, autonomy and faster iteration cycles unique to small vehicles.

👉 Founders should prioritize sustainability, real customer outcomes and disciplined profitability as the industry stabilizes after years of volatility.

👉 Mar­chetti’s Constant still holds: people travel about one hour per day, but micro increases the number and type of trips possible within that hour.

👉 Microcars are becoming an essential part of the category, offering car like utility in a small footprint.

Key takeaways from the conversation:

👉 The original vision for micromobility has largely come true, and adoption continues to accelerate globally.

👉 Cities are transitioning quietly but decisively toward micro first mobility, driven by parking policy, speed limits and quality of life.

H1 2025 revenue softened slightly (€398m vs €419m), though road and gravel remain stable. Europe steady; US & Asia softer amid tariff uncertainty.

GBL's fair value of the investment was ~€460m at the end of 2023, and this was marked down to ~€267m as of Sept. 2025

Post-2022, the broader cycling sector shifted: oversupply and heavy discounting, particularly in mountain and urban bikes

A temporary suspension of select e-MTB models (late 2024) added one-off impact, with resolution initiated in Q2 2025

Late 2020, GBL acquired ~50% of the company (~€400m), with founder Roman Arnold transitioning to advisory role

Pandemic demand drove a revenue jump from €416m in 2020 to €486m in 2021, with profits more than doubling

But this also required building inventory fast, drying up liquidity