Unlocking Asset-Based Growth Capital for a European E‑Mobility Subscription Leader

Dance is a German-based electric mobility subscription company providing e-bikes and mopeds on flexible monthly and annual plans. Subscriptions include delivery, maintenance, repairs, upgrades, and insurance, making ownership hassle-free for urban users. Founded in 2020 by the SoundCloud team (Eric Quidenus-Wahlforss and Alexander Ljung) and Christian Springub (Jimdo co‑founder), Dance has raised €47.6M from leading VCs such as Eurazeo and prominent angels. Operating in Berlin, Paris, Munich, Hamburg, and Vienna, Dance has grown to over 11,300 active users (77% on annual plans), reached €8.1M annualised revenue with ~70% CAGR, hit EBITDA breakeven in May 2024, and is targeting €1M profit in FY25.

Demand for Dance’s subscriptions surged, particularly in France, creating a growing waitlist. However, fleet expansion was constrained by limited access to capital, slowing the company’s ability to meet demand. Traditional financing routes were challenging due to assets spread across multiple EU jurisdictions, limited equity available for a structured financing solution, existing secured quasi‑equity at the operating company, and Dance’s early-stage profile during fundraising. Previous lender discussions stalled at exploratory stages, delaying capital and constraining growth. To fully capture market demand, Dance needed a sizeable, efficiently structured asset-backed facility, executed quickly and tailored to its subscription model, asset base, and depreciation profile.

Fuse Capital designed and executed an SPV-based asset financing strategy, engaging over 20 specialist European lenders and positioning Dance as an asset-backed recurring revenue opportunity. The structure financed assets through a newly created entity, overcoming constraints at the parent company level. Fuse Capital secured a €5M asset finance facility with an additional €5M accordion option, providing immediate fleet growth capacity and future headroom as scale increases. Dance fully deployed the initial €5M, expanded capacity across European cities, accelerated unit deployment and revenue generation, and strengthened its operational infrastructure. The SPV framework is now a repeatable financing blueprint that can be replicated across jurisdictions, supporting future rollouts and giving Dance a scalable capital model aligned with its growth ambitions.