Driving mobility forward: Lukas Loers on innovation and investment

Lukas Loers, Venture Partner at Rethink Ventures, brings over 14 years of expertise in venture capital, high-growth startups, and shared mobility. With a deep understanding of the sector, Lukas has been instrumental in scaling Wunder Mobility from a small team to a key player in the industry, while also founding the Wunder Mobility Summit and leading corporate development for 2-wheeler initiatives at Mobivia and ViaID. Today, as an investor in early-stage mobility and logistics startups across Europe, Lukas focuses on identifying and supporting sustainable, scalable business models that meet the evolving demands of the mobility sector.

In this conversation with Gunnar Froh, CEO & Founder of Wunder Mobility, Lukas reflects on the transformation of shared mobility and the key drivers shaping its trajectory in Europe. From critical milestones to valuable lessons learned, they discuss the innovations, challenges, and regional differences that have defined the industry’s growth, particularly in comparison to the American market.

This discussion provides an inside look at the future of shared transportation, offering insights on the trends and opportunities that will define the next phase of mobility.

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The current mobility landscape

Gunnar Froh, Founder & CEO, Wunder Mobility
Welcome back to the Wunder Mobility Podcast! Today, I'm joined by one of my favorite people in mobility, Lukas Loers. Hi Lukas!
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Lukas Loers,  Venture Partner, Rethink Ventures
Let’s go! Hey Gunnar, how are you doing today?
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Gunnar Froh, Founder & CEO, Wunder Mobility
It’s great to have you here. I heard you recently moved with your family—wife and kids included—to Brooklyn. How did that come about?
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Lukas Loers,  Venture Partner, Rethink Ventures
Yes, we did! My wife got a promotion with her international company, and they relocated us. We thought it would be a great opportunity, especially for the kids to learn English properly. I wasn’t entirely convinced they’d pick it up as well in France, where we were living before.
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Gunnar Froh, Founder & CEO, Wunder Mobility
That’s exciting! It feels like not too long ago you moved to Paris, about three years ago. And we’ve known each other for even longer—nearly eight years. We worked together for five of those years at Wunder Mobility. Initially, you led finance, but then you took charge of building the sales team from the ground up. You established structure and processes during a time when the micro-mobility space was booming—every week, it seemed like a new scooter operator was launching in Europe.

You were instrumental in bringing order to that chaos, onboarding many clients, and ultimately scaling Wunder’s operations. After that, you transitioned to working with a corporate VC in Paris, advising a French family-owned firm on their mobility investments. More recently, you joined Rethink Ventures, a Munich-based VC fund focused on mobility. It’s a newer fund with €50 million under management, backed by various mobility corporates.

Even though we don’t work together anymore, you’ve remained my go-to person for insights and advice because of your broad perspective and amazing networking abilities. By the way, you’re also the mastermind behind the Wunder Summit, which started as a meetup and grew into a full-blown event here in Hamburg. After eight years in mobility and now viewing things from an investor’s perspective, how are you looking at the industry? What excites you right now, and what challenges do you see in 2024?
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Lukas Loers,  Venture Partner, Rethink Ventures

Thank you, Gunnar, for the introduction. It has indeed been eight years in mobility, and I’m still deeply involved. At Rethink Ventures, we focus on two core areas: logistics and mobility—essentially moving people and goods. We’re a relatively new fund, having been in operation for just over a year and a half, but we’ve already completed around ten deals, with more exciting announcements coming soon. While many of our investments are in Germany, we’re also active internationally.

We position ourselves as a specialist fund with a strong understanding of the mobility and logistics space. Our approach is to invest early, writing tickets of €500K to €1.5 million, and back exceptional founders. For us, the strength of the team is paramount, and we make no compromises on that front.

What’s particularly exciting right now are the major trends reshaping the mobility ecosystem. Battery technology, for example, is a field where we’re just scratching the surface. While Tesla has set a benchmark in electrification, there’s still a significant journey ahead, especially for traditional German OEMs. That’s where we see an opportunity to help, given our German roots and partnerships with industry suppliers.

We’ve evaluated several startups in the battery space and believe this sector is poised for tremendous innovation. Advancements like solid-state batteries have the potential to transform the landscape completely, enabling faster goods transport and the electrification of larger vehicles, such as trucks. Currently, only a small fraction of trucks are electrified, but this could change drastically, leading to cleaner air in cities. As I look out at the highways in New York from my window, I’m reminded of the pressing need for these advancements—it’s clear the air quality has room for improvement.

Beyond batteries, I’m particularly excited about developments in cycling, especially e-bikes, which have revolutionized urban mobility. As a cycling enthusiast, I’d love to see fewer oversized vehicles dominating city streets and more sustainable alternatives taking their place.

At the heart of what we do is financing innovation. We support bold, visionary founders building groundbreaking startups and products, guiding them through the challenges of scaling their businesses. It’s a long-term commitment, often spanning a decade or more, but the goal is to help these founders achieve success and ultimately deliver impactful solutions. That’s what drives us every day at Rethink Ventures.

Financing the future of mobility & European know-how

Gunnar Froh, Founder & CEO, Wunder Mobility
How do you organize the universe of opportunities you’re exploring right now? Do you use specific categories or labels for the different segments? Which areas are you focusing on, and which are you deprioritizing?
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Lukas Loers,  Venture Partner, Rethink Ventures
We’re focusing on areas that we believe will be pivotal over the next 10 years, as it takes a long time to achieve exits in this space. At the end of the day, it’s about identifying winners. We’re aiming to build a portfolio of around 30 companies, knowing some will succeed and others won’t—it’s just the nature of venture investing.

Right now, we’re examining some significant segments, like drones. There’s a new wave of drone companies emerging. You may have heard of Zipline in the U.S., a company valued at around $8 billion that focuses on medical deliveries using relatively small drones. Another example is Manna out of Ireland, led by Bobby Healy, a serial entrepreneur, which specializes in last-mile food delivery. Integrating robotics into last-mile delivery is transformative, dramatically improving unit economics.

The war in Ukraine has also been a game-changer for drone technology. Drones have become more precise and cheaper to build, with advancements driven by their use in warfare. This progress has spillover effects into commercial applications. It’s now possible to develop drone companies with less capital, sometimes even using an asset-light model. For example, drones can bring goods to rural areas where trucks or buses are still the norm. We’re actively exploring this space, although we haven’t made an investment yet.

Another key trend is fleet management. Although it’s an older sector, there’s still room for innovation. If you search for fleet management software on platforms like Capterra, you’ll find over 1,000 companies. Established players like GeoTab and INVERS are significant in this space and continue to be relevant. However, new technologies, such as IT sensors embedded in phones or directly in vehicles, could disrupt the reliance on outdated tools like dongles, which many thought would be obsolete by now.

Cities and regulations are also driving change. Policies restricting internal combustion engine (ICE) vehicles from entering city centers, for instance, push us to explore adjacent industries like last-mile logistics. E-cargo bikes are an example of innovation in this space, and we’ve evaluated several startups addressing this segment.

We’re also excited about intelligent supply chains and CO2 tracking. One of our portfolio companies, ShipZero in Hamburg, is doing fantastic work tracking emissions in transportation supply chains. This is a significant area of focus as sustainability and transparency become increasingly critical.

At the end of the day, we follow the trends, but our primary criterion is partnering with exceptional teams. Building and scaling these ventures over the long term—10 years or more—requires intelligence, resilience, and commitment, and we aim to be the right partners to support that journey.

Gunnar Froh, Founder & CEO, Wunder Mobility
So the main areas you’re excited about are drones, fleet management, intelligent supply chains, and batteries—where you mentioned you’ve already made an unannounced investment. Can you share insights about the funding landscape for these industries? You’re operating under a classic VC model, correct?

Lukas Loers,  Venture Partner, Rethink Ventures
Yes, batteries are definitely on that list!

Gunnar Froh, Founder & CEO, Wunder Mobility
Your model includes industry-aligned LPs, and you’re writing seed-stage checks of €500K to €1.5 million, aiming for 10%+ ownership for up to a decade. What are the alternative funding options that your targets are considering? How do you secure your seat at the table?

Lukas Loers,  Venture Partner, Rethink Ventures
Good question. We generally welcome competition in deals. If there isn’t any, it might indicate an issue with the founder or the opportunity. Competing funds are a natural part of the process.

For certain industries, grants can play a significant role. Grants, whether in the form of non-repayable funds or debt, often require equity to be raised first. For instance, in France, BPI (a state-backed bank) frequently supplements funding rounds. We also see EU grants supporting innovative projects. Grants are valuable, but navigating them requires expertise and effort.

Strategic industries like battery technology often attract public funding because they’re vital to maintaining European independence. A recent example is Verkor, the first French giga-factory, which raised $800 million, partly from the government. For Europe, it’s crucial to keep the know-how within the region, particularly in batteries and other large-scale technologies, to avoid over-reliance on the U.S. or China.

Gunnar Froh, Founder & CEO, Wunder Mobility
That’s a strong point. In strategic sectors like drones or batteries, what’s the ratio between private and public funding? Are public funds sometimes the dominant source of financing?

Lukas Loers,  Venture Partner, Rethink Ventures

In battery tech, for example, we’ve seen scenarios where the government matches equity funding. If we invest €2 million, they’ll contribute another €2 million.

Gunnar Froh, Founder & CEO, Wunder Mobility
So, in these sectors, if a company isn’t tapping into public funding, can it even compete?

Lukas Loers,  Venture Partner, Rethink Ventures
It’s difficult to compete without it, especially in capital-intensive industries like batteries. Early on, substantial investments are needed for equipment, R&D, and partnerships with universities. Public funding is essential to drive innovation.

Unfortunately, public investment at a European level isn’t yet sufficient. Institutions like HTGF in Germany support early-stage research, but we need more robust systems to finance and scale innovation. If neither private nor public sectors invest adequately, progress stalls—and we simply can’t afford that. Europe needs to step up to remain competitive globally.

How the VC-Mobility business funding relationship works

Gunnar Froh, Founder & CEO, Wunder Mobility
What kind of services do you provide to your portfolio companies? Do you see offering support—like helping with fundraising applications or other operational guidance—as part of your role as a VC after the investment decision is made?

Lukas Loers,  Venture Partner, Rethink Ventures
It’s absolutely a priority for us. We typically come in as lead or co-lead investors and dedicate a significant amount of time to working with the founding team. During due diligence, we identify specific areas that need improvement—whether legal, operational, or structural—and focus on addressing them immediately post-investment.

For example, we often help clean up legal issues flagged during due diligence. These might not seem urgent at first but can create obstacles in subsequent funding rounds.

On the operational side, I personally enjoy focusing on sales, a passion carried over from my time at Wunder. From the outset, we evaluate the sales setup, including assessing or recommending first hires. Many of the teams we invest in are relatively young, and hiring the right sales talent can be challenging. Should they bring in a seasoned, “gray-hair” sales leader? Or is a more hands-on person better suited for the early stage? We help founders answer these questions.

Beyond sales, we support in other areas like finance, customer success, and team building. We organize workshops and make introductions to help them scale. For us, having a board seat is critical, as it ensures we stay actively engaged. That said, we don’t believe in micromanaging or slowing the company down. Founders remain in charge of decision-making; our role is to guide and support.

When a portfolio company enters fundraising mode again—as most do—we provide extensive coaching. We review pitch decks, offer constructive feedback, and facilitate warm introductions to potential investors. For example, I know of cases like a Series A raise where the investor, Speed Invest, made 80 introductions to help secure funding. That level of network support can make a massive difference, particularly as the company scales and prepares for larger funding rounds.

We also maintain close relationships with other VCs, funds, and industry players. It’s a small ecosystem, and reputation matters. Collaboration and brainstorming are essential, whether it's sharing insights on deals or offering advice on unfamiliar challenges.

Currently, I’m working with a partner named Jens, who spent a decade at Atlantic Lux and has a wealth of experience. Having someone like him helps us anticipate challenges and resolve them quickly. But it’s not just about problem-solving. We also celebrate successes with our founders, aiming to be long-term, trusted, and neutral partners. Ultimately, we’re here to support their journey every step of the way.

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The Micromobility industry: current trends and future outlook

Gunnar Froh, Founder & CEO, Wunder Mobility
How do you view the micromobility industry’s future, given your experience? Despite being a bike enthusiast, you’ve moved away from this sector as a key investment focus. Micromobility, particularly in shared services, has faced a “bust” period. Yet, reports indicate that fleet sizes in Europe are growing. Who’s thriving in this space now, and where do you see the industry heading?

Lukas Loers,  Venture Partner, Rethink Ventures
To understand micromobility, it’s important to zoom out. Shared micromobility is just one part of the picture; personal ownership is another key segment. Personally owned bikes, scooters, and mopeds are growing robustly, with e-bikes emerging as a significant success story over the past decade.

Take JobRad in Germany, for example—a company that bootstrapped its way to becoming a €1.4 billion revenue business, remaining founder-owned and consistently profitable. This success was driven by tax incentives, making high-quality bikes more accessible. Similarly, brands like Riese & Müller have leveraged leasing models, showing that well-maintained, premium bikes increase usage and drive profitability. This trend extends across Germany, Belgium, and Nordic countries, which have structured markets and growing consumer demand.

I also invested personally in a French startup, Bitoo Green, which operates in a similar space. The industry is attracting larger players now, including private equity funds, signaling its maturity. Established brands like Canyon, Giant, Trek, and Specialized are thriving, but consolidation is inevitable. In France alone, there are 350 bike brands, many producing fewer than 200 units annually—a model that’s unsustainable in the long run.

Cities are driving the shift toward micromobility, reshaping their centers to prioritize two- and three-wheelers due to emissions regulations like France’s Zones à Faible Émission (ZFE). In Paris, for instance, COVID-19 accelerated a cultural shift toward e-bikes as residents sought alternatives to public transport. These changes are lasting; many people won’t return to the metro after experiencing the convenience and health benefits of cycling.

On Last-Mile Logistics, cargo bikes are a growing solution. Startups like Deliver-Me-City in Paris use electric cargo bikes and advanced algorithms to deliver goods efficiently, cutting through city traffic and optimizing routes. These models can be profitable with the right technology and business focus, avoiding the fate of quick-commerce ventures that were never sustainable.

Gunnar Froh, Founder & CEO, Wunder Mobility
How about shared micromobility, which initially brought attention to this sector but grew inefficiently? Do you see any standout companies in this space?

Lukas Loers,  Venture Partner, Rethink Ventures
A few players in shared micromobility are finding success by focusing on operational efficiency and strong unit economics. Cooltra from Spain is a standout, with a €40–50 million business built on B2C moped sharing and partnerships like their acquisition of Cityscoot’s assets in Paris. Rumors suggest companies like Lime are performing well, while Bolt has excelled as a lean operator integrating micromobility into a broader "super app" ecosystem.

Bolt, backed by Sequoia, is a leading example of strategic scaling, offering scooters, bikes, mopeds, and even car and food delivery services across 50+ markets. Local champions like Pony in France are also thriving, particularly in small towns where their close relationships with municipalities lead to high adoption rates and fewer operational challenges like vandalism.

Hardware has come a long way since 2019. Early models like the first-generation Ninebots weren’t designed for heavy use, but newer generations have improved significantly, making shared fleets more viable. This evolution will sustain shared micromobility as cities continue to embrace two-wheel solutions to reduce car trips and emissions.

In conclusion, micromobility—whether personal or shared—has a long-term role in shaping urban mobility. It’s vital to focus on lean operations, strong partnerships, and scalable technology to thrive in this space. The future will likely feature fewer players but more robust and sustainable business models. As for me, I’ll always champion two wheels over four!

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Thought experiment: Starting a business in 2024

Gunnar Froh, Founder & CEO, Wunder Mobility
Let’s conclude with a thought experiment. You mentioned you might see yourself returning to a startup environment in the future. Imagine your wife tells you, "Okay, Lukas, I know you want to do this, but if you’re going to launch a startup, do it now, this year." What would you launch right now?

Lukas Loers,  Venture Partner, Rethink Ventures
I’d focus on solving a big pain point in a significant industry—one where inefficiencies cost businesses a lot of money. Take inventory management and working capital optimization in large retail operations, for example. Let’s consider a company like Decathlon with vast amounts of inventory, such as bikes, spread across various locations.

A key challenge for them is ensuring the right product—say, a red bike for one customer and a blue bike for another—is in the right place at the right time. By leveraging AI to predict customer demand and optimize inventory placement, you could significantly reduce excess inventory and increase sales efficiency. This problem isn’t limited to bikes; many industries face similar issues with surplus stock and high discount rates.

For example, in the bike sector, inventory levels are enormous right now, leading to heavy discounts. With the right technology, like advanced analytics and predictive AI models, you could help these businesses better understand their customers and stock smarter. It’s a massive opportunity to save companies money while improving customer satisfaction.

The idea could even involve hardware solutions, such as cameras or sensors in stores or warehouses to gather real-time data on inventory. Combining that with advanced customer behavior analytics could create a comprehensive solution. Building such a business would take years, maybe a decade, but the potential impact is enormous.

For now, though, this stays a thought experiment—my wife is busy, and so am I! But if someone is working on this idea, I’d love to chat and offer advice.

Gunnar Froh, Founder & CEO, Wunder Mobility
AI-driven inventory optimization for B2B contexts, especially in retail or micromobility—very interesting. This sounds like something you would even fund if the right team was working on it.

Lukas Loers,  Venture Partner, Rethink Ventures
Absolutely. The concept is not restricted to bikes—it applies to any sector where inventory management is a challenge. Retailers often lack the tools or data to manage stock efficiently. Whether it’s using cameras, analytics, or better customer insights, the goal is to reduce waste and improve allocation.

If someone out there is building this, I’d encourage them to reach out. It’s a big idea, and it’s worth pursuing.

Gunnar Froh, Founder & CEO, Wunder Mobility
Sounds fantastic. Thanks for sharing your perspective and your idealism in the mobility and tech landscape. Best wishes for the next phase of your journey, especially with the family relocation!

Lukas Loers,  Venture Partner, Rethink Ventures

Thanks, Gunnar! All the best, bye!

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