Amsterdam-based Swapfiets has acquired Berlin rival Dance, combining two of Europe's largest e-bike subscription services under a single parent company.
The deal brings Dance's fleet of more than 11,000 e-bikes into Swapfiets' network, taking its total subscription e-bike fleet to over 75,000 bikes. The combined entity will serve around 280,000 members across 45 cities.
Swapfiets is owned by Dutch transport conglomerate Pon Holdings, which is also backing the acquisition.
Swapfiets declined to comment on the financial terms of the deal.
"What we can tell you is that we are thrilled about this merger," a spokesperson for the company told Impact Loop.
"Bringing Dance into the Swapfiets family is a massive milestone for urban mobility, and our entire team is incredibly excited to join forces," they continued. "This strategic acquisition solidifies our position as the European market leader in e-bike subscriptions and accelerates our shared mission to create more liveable cities."
Dance's estimated value in March 2025 was around $90m, according to Dealroom data. The company has raised roughly €62m in equity and debt since its founding in 2020.
The deal is strategically weighted towards France and Germany. Dance operates in Berlin, Hamburg, Munich, and Paris, and Swapfiets says the acquisition will cement its position in Paris in particular, where Dance had built a meaningful subscriber base.
Swapfiets will maintain Dance as a standalone brand targeting a different customer segment – Swapfiets through physical retail and in-person servicing, Dance through a digital-first, app-based experience.
"By bringing Dance into the Swapfiets family, we are not just adding bikes; we are combining two of the most innovative teams in the industry to ensure that every bike rack in Europe's major cities has a subscription bike in it," says Marc de Vries, CEO of Swapfiets.
Christian Springub, co-founder and CEO of Dance, will remain in his role leading the Dance brand under the Swapfiets umbrella.
"Swapfiets has built an incredible operational engine, and by combining it with our digital-first approach, we are creating a powerhouse that can truly transform how people move in cities like Paris and Berlin," says Springub.
Dance was founded in Berlin in 2020 by Springub, Eric Quidenus-Wahlforss, and Alexander Ljung. The trio had previously built and scaled consumer technology companies including SoundCloud and Jimdo.
Backers included HV Capital, Eurazeo, BlueYard Capital, and TriplePoint Capital.
The financials
Dance grew revenue 29% to €8m in 2024, according to its latest financial report.
Meanwhile, Swapfiets posted €91.1m in revenue in 2024, up 7% year on year, with a fleet of 52,000 e-bikes at year-end, according to its latest financial report.
Swapfiets had been loss-making but reached net cash flow positive that year, backed by a €19.6m equity injection from Pon Holdings.