Ballymore Chairman and CEO Sean Mulryan has invested €5 million in Irish electric bike maker Modmo – an innovative start-up which has now raised €8.7 million over the past year with ambitious plans to have its e-bikes in every household in the world.
In addition to the funding, Ballymore will also partner with Modmo to provide its e-bikes at new developments in the UK and Ireland – including a new neighbourhood at the Guinness brewery at St James’s Gate in Dublin.
It is at these developments that Ballymore proposes the creation of 80,000 bike parking spaces, with the potential that some of these would be reserved for Modmo’s “Saigon” e-bikes. Speaking of the partnership, Sean Mulryan said: “The future cities will have transport sectors powered predominately by electrification. Electric bikes are already playing a role and are fast becoming one of the most popular modes of urban transport throughout Europe. A solution that has been proven to directly improve human health both mentally and physically while also helping to combat local combustion pollution. I fully support MODMO’s vision, and I am excited to contribute to making cities more clean, green, and enjoyable to live in.
Modmo is headquartered in Vietnam after Mr O’Sullivan relocated there in 2019. Its high-spec e-bike boasts a range of up to 200km, and comes with Bluetooth and GPS tracking. The Saigon S model currently sells for €2,249 with the Saigon+ costing €2,999. The company received more than 1,000 pre-orders for the bikes, which started shipping last year. Just 250 were produced and delivered in 2021 due to supply chain issues, but Modmo plans to produce 12,000 in 2022. Modmo is currently delivering to eight European countries with Germany making up 85 per cent of sales. The company plans to expand to North America with the opening of its first dealership in Vancouver, Canada, in March.
Jack O’Sullivan concluded: “The future cities will have transport sectors powered predominately by electrification. Electric bikes are already playing a role and are fast becoming one of the most popular modes of urban transport throughout Europe.”