Donkey Republic - Comprehensive Analysis Report

Summary

Donkey Republic is a Danish purpose-driven company established in Copenhagen in 2012, focused on transforming urban mobility through public bike-sharing systems. Its core mission is to make sustainable transportation accessible to everyone, fostering better cities, happier communities, and a healthier environment. The company envisions the bicycle as a catalyst for greener, more livable, and less traffic-congested urban areas. Donkey Republic is a significant player in the micromobility sector, working collaboratively with cities to integrate cycling into public transportation networks, aiming to enhance mobility, alleviate traffic, and reduce carbon emissions.

1. Strategic Focus & Objectives

Core Objectives

Donkey Republic's strategic roadmap, "Ride and Do Well," prioritizes profitable growth and scalability. Key objectives include:
Becoming the most trusted micromobility partner in Northern European cities by 2030.
Achieving a fleet size of 30,000–35,000 units by 2027.
Expanding the fleet to 60,000–70,000 units by 2030.
Delivering profitable growth and reaching break-even EBT by 2026.

Specialization Areas

The company's strategy is built on three core pillars:
Trusted City Partner: Establishing long-term, direct partnerships with cities through contracts, with a significant portion of revenue from B2G and B2B agreements, including subsidies.
Integrated Bike Sharing: Providing flexible, affordable, and sustainable transportation solutions that aim to integrate seamlessly with existing public transit systems.
Highly Efficient Operations: Emphasizing operational efficiency, supported by in-house developed technology and data-driven maintenance.
Proprietary Technology Development: Developing its mobile applications, backend systems, and bike models in-house, including smart locks.

Target Markets

Donkey Republic primarily targets urban areas across Europe. Its operations span cities in eight countries, including Denmark, the Netherlands, Belgium, Spain, Switzerland, Germany, Finland, and Sweden. The company focuses on Northern European cities as a key segment for future growth.

2. Financial Overview

Funding History

Donkey Republic has successfully raised a total funding of $1.02 billion across 8 rounds, encompassing early-stage, post-IPO, and grant rounds. The company completed its first funding round in March 2015, with the latest being a Post IPO round on April 8, 2024. Notable investors include Vaekstfonden, Howzat Partners, and Accelerace.
May 2021: Successfully completed a capital raise of DKK 110 million (approximately €14.8 million) through an oversubscribed offering and a private placement, supporting its listing on Nasdaq First North Growth Market Denmark.
February 2026: Raised gross proceeds of approximately DKK 75.0 million (approximately €10 million) through a private placement of new shares to existing investors. This capital infusion is intended to bolster ambitious growth plans and strengthen the company's capital base, focusing on achieving profitable growth and reaching a break-even EBT by 2026.

Revenue Highlights

Donkey Republic has demonstrated consistent revenue growth:
Q3 2025: Total revenue reached €7.4 million (DKK 55.2 million), marking an 8% increase year-on-year. Core rider business revenue grew 14% to €5.45 million (DKK 40.7 million), and EBITDA increased 21% to €2.84 million (DKK 21.2 million).
H1 2025: Revenue climbed 25% to DKK 75 million (€10.1 million), with EBITDA reaching DKK 5 million (€0.67 million), an increase of 79% from the prior year.
Q2 2025: Revenue was DKK 48.6 million (€6.5 million), up 24% year-over-year.
Q1 2025: Revenue grew by 28% to DKK 26.4 million.
Q3 2024: Achieved record revenue of DKK 51.0 million, a 25% increase year-over-year, and EBITDA reached DKK 17.6 million, an increase of nearly 60%.
Q1 2024: Revenue of DKK 20.6 million, showing 19% growth.
Full-year 2023: Revenues of DKK 115.2 million (€15.4 million), representing 70% growth compared to 2022, and positive EBITDA of DKK 9.5 million (€1.3 million).
Yearly Revenue (in Euros):
2018: €2.7 million
2019: €4.5 million
2020: €2.9 million
2021: €5.0 million
2022: €9.1 million
2023: €15.4 million
2024: €19.6 million

3. Product Pipeline

Key Products/Services

Donkey Republic is continuously evolving its offerings and fleet:
Gen4 e-bike: Launched in Q3 2025, this new generation e-bike is designed for efficient operation, improved profitability, and an enhanced user experience, aimed at driving future usage.
Fleet Quality and Refurbishment: The company actively invests in maintaining and improving its fleet by refurbishing older bikes, extending their lifespan from an initial 5-7 years to an expected 8-10 years. This strategy contributes to operational efficiency and sustainability.
Strategic Tender Pipeline: Donkey Republic maintains a robust strategic tender pipeline to secure long-term city partnerships, which are crucial for achieving its ambitious growth targets through 2027.

4. Technology & Innovation

Technology Stack

Donkey Republic is a data-driven technology company that builds its complete ecosystem in-house, from hardware to software.
Core Platforms and Technologies: The company develops its mobile applications, backend infrastructure, and bike models internally.
Proprietary Developments:
Bluetooth-enabled Smart Locks: Users can locate and unlock bikes via a smartphone app, eliminating the need for traditional docking stations. These smart locks incorporate top-of-the-line key encryption via a secured Key Safe Cloud.
Custom-built Service Platform: A proprietary platform enables data-driven maintenance and dynamic relocation of the vehicle fleet, optimizing operational efficiency and ensuring fleet durability.
Geofencing and Zones: Utilizes geofencing technology to define operational areas and zones for fleet management.
Dynamic Pricing Models: Actively exploring and developing dynamic pricing models to optimize revenue and user distribution.
Technical Capabilities: Donkey Republic offers its services either as a full Mobility-as-a-Service (MaaS) package, wholly operated by the company, or through partners as a combined Hardware and Software-as-a-Service (SaaS) offering. This demonstrates versatility in its business model and technical infrastructure.

5. Leadership & Management

Executive Team

Donkey Republic's executive management team brings a wealth of experience in mobility, leadership, and startup development.
Thor Möger Pedersen: CEO. Leads strategic financial decisions and the company's growth trajectory.
Erdem Ovacik: Co-Founder & Executive Board Member. A pioneer in European bike sharing, he co-founded Donkey Republic and previously served as CEO. He has a background in building startups and was a McKinsey consultant. His LinkedIn profile is available here: [https://www.linkedin.com/in/erdemovacik/](https://www.linkedin.com/in/erdemovacik/)
Jens Frandsen: Co-Founder & CTO. With expertise in electrical engineering, firmware, and software development, he is instrumental in guiding the company's technical platform.
Alexander Frederiksen: Co-Founder, Head of Business Development & CSO (Chief Strategy Officer). Responsible for bike owner success and fleet growth, with prior experience in founding other bike companies.
Signe Storgaard Sørensen: COO. Manages operational aspects and has been involved in recent private placements.
Christian Dufft: Head of Finance & CFO. Plays a key role in financial strategies, including securing funding and asset-backed financing for e-bike expansion. His LinkedIn profile is available here: [https://www.linkedin.com/in/christian-dufft/](https://www.linkedin.com/in/christian-dufft/)
Mette Cordt-Bergholt: Chief Marketing Officer.
Amy Dahl: Head of People & Culture.
Carmen Hasenknopf: Chief Experience Officer.
Francisco Tello: ESG & Corporate Communication Manager.

Recent Leadership Changes

CEO Transition: Thor Möger Pedersen is the current CEO, indicating a leadership transition from co-founder Erdem Ovacik, who previously held the CEO position and is now an Executive Board Member.
COO Appointment: Signe Storgaard Sørensen is the current COO, a change from co-founder Rune Knudsen, who previously held this role.

6. Talent and Growth Indicators

Hiring Trends and Workforce

Donkey Republic demonstrates consistent workforce expansion and a commitment to diversity:
Current Employee Count (January 31, 2026): 158 employees.
Growth Trajectory:
2024: Expanded to over 160 employees, representing 34 different nationalities.
2023: Grew to over 140 employees, representing 33 different nationalities.
Key Roles: The company's focus on rolling out new e-bikes and optimizing costs suggests ongoing recruitment in areas related to fleet management, technology development (hardware and software), and operational efficiency.
Employee Sentiment and Culture: Donkey Republic emphasizes internal assessments aligned with ILO, UNGP, and OECD guidelines, including climate risk vulnerability assessments. The implementation of a supplier framework with a focus on the battery supply chain highlights a commitment to responsible employment and ethical practices. The diverse workforce indicates an inclusive culture.

7. Social Media Presence and Engagement

Digital Footprint

Donkey Republic maintains an active and strategic presence across major social media platforms:
LinkedIn: [https://www.linkedin.com/company/donkeyrepublic/](https://www.linkedin.com/company/donkeyrepublic/)
X (formerly Twitter): [https://twitter.com/donkeyrepublic](https://twitter.com/donkeyrepublic)
Facebook: [https://www.facebook.com/donkeyrepublic/](https://www.facebook.com/donkeyrepublic/)
* Instagram: [https://www.instagram.com/donkeyrepublic/](https://www.instagram.com/donkeyrepublic/)