E-Mobility, 2021

French leader in the reconditioning of batteries for electric bikes and scooters, Doctibike has finalised its merger with GreenRiders Group in December 2021. 

The founding team, Anne-Sophie Caistiker and Pierre Fransico, after a 9-month process, have chosen to join forces with a specialist in electric two-wheelers to continue the development of Doctibike.

Beyond the challenge of this double journey, we keep the memory of a beautiful human adventure, carried by the vision of Doctible’s leaders for a more responsible mobility!

Number of FTEs


Time of collaboration

9 months



Doctibike’s words

Why did you choose Further ?

We had our first fundraising in 2017 during which we received very little support from our advisor. We knew that this new operation would take time. This time, we wanted to find an investment bank that would take charge and pace the process so that we could remain focused on the operational side.

We took advice from our network and Further’s name came up several times: by word of mouth thanks to the operations they had already done in mobility and by the founder of the Exitroots podcast, Hugo le Houarner, who also referred us to Further.

When you want to do an operation that is so important for the company and for yourself, the choice of advisor is key. The first meeting in Further’s offices (on the rooftop!) convinced us. Further listened to our project and our vision. There was no pressure to do a deal at all costs with a designated investor. That was very reassuring. It was also a matter of feeling, we wanted to work with people we liked and who we felt would get their hands dirty.

How did your capital operations go ?

It is a very ‘impactful’ operation in your everyday life. Even with an advisor, it takes time. Further supported us and challenged us on our financials, our structure and our project. They invested themselves beyond the operation itself, so that we were as well prepared as possible.

We changed our minds several times during the process. Our project really evolved with the exchanges we had with the funds and the corporate. It took us a long time to make our decision because we received several interesting written proposals. This is a ‘rich man’s’ problem” which made the choice surprisingly hard. The entrepreneur embodies his company, especially at this stage of maturity, it was a kind of life choice we were going to make.

At that time, Further helped us a lot to step back and compare the offers as a whole. It is not only the valuation that needs to be taken into account: all the conditions of the transaction are structuring for the future.

To sum up, it was a stressful operation with many stages, both positive and negative. There are also periods when you can’t do anything, you have to wait for the stakeholders to do their part. It’s quite a difficult phase to accept as an entrepreneur because you always want to keep moving forward.

What have you gained by teaming up with Further ?

We gained experience, especially in financial matters. It’s an accelerated training that we receive in parallel with the deal. We also continue to use some of the tools we put in place during the process.

Further positions himself as a partner in the operation and becomes almost a member of the company. It is the deal maker, who is there to see the entrepreneur’s project through. They spend as much energy on it as we do! Their commitment is what makes this team special and reliable.

Finally, Further provided us with his knowledge of the market, his network and essential elements of comparison to understand the proposals received. In the end, we did the deal with Greenriders Group.

Do you have a word for other entrepreneurs who are wondering if they need to be accompanied ?

Never give up on operations. For a deal to work, you need good commercial performances throughout the process (~9 months) and to deliver your BP. It is better to focus on business and target the right investors than to spend too much time pitching to a wider audience.

This is the second point: don’t spread yourself. Days are only 24 hours long! Without Further’s guidance, we would certainly have rushed in and tried to talk to everyone. You are on edge during the operation, without having the distance or the experience to settle down and concentrate on the essential, giving priority to the right people.

The last piece of advice, which is a bit of a cliché, is to take the time to think about what you want to do with your life and your business. Personally, we came to understand that Doctibike needed a third entrepreneur at this stage who was passionate about more than just finance, in order to seek out new markets.

What next ?

What happens next? That’s what we’re doing now! We are in the process of setting up synergies between Doctibike and Greenriders Group to continue to make Doctibike grow within the group. We’re moving forward step by step because there are many things to do, first the commercial side, then the management tools and logistics.

Today our work has evolved a lot, we have taken up positions within the group (Anne-Sophie, CEO of Greenriders Group, Pierre, CEO of the Doctibike subsidiary, editor’s note) and we are approaching our development with much more serenity, and the figures show it!

Our next subject will be international, with the opening of the office in Germany and soon in Holland, Italy, Spain and Switzerland.

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