If you have been in Dublin, Ireland, you’ve probably seen MOBY’s bright green bikes around the city. MOBY was founded in 2019 by long time entrepreneur Thomas O’Connell and has gone beyond bike-sharing to include new micro-mobility devices with Jyroball and the YX One.
In Thomas’ first venture, Yvolution, he popularized the three-wheeled scooter: the Y Fliker. From humble beginnings in 2013, Thomas was able to grow Yvolution into an international success, supplying Argos, Kohl’s, Target, Walmart and Toys-R-us, who named Thomas Supplier of the Year, three years in a row.
However, when it was time to start his second venture, he decided to go direct to consumer: “I much prefer the D2C model, because it allows you to be in charge of your own destiny, since you don’t have situations where your margins are being cut by mass retailers, or they are dictating what products to bring to market”.
Thomas had no time to lose testing the market’s appetite for his mobility products so after hooking up his Google Analytics and ads platforms to Wayflyer, he was soon able to go through the attribution data to understand which campaigns and channels were working and which weren’t.
Wayflyer analyzed their performance during the test and gave him recommendations on how to spend their test money in order to maximize ROAS.
“Wayflyer helped me separate signal from noise and understand whether I had a winner in my hands or not”
After Thomas learned that there was real interest in his mobility products and Wayflyer proved that MOBY’s acquisition channels were scalable, Wayflyer provided Thomas with €150,000 EUR in funding, which he deployed 20% in inventory (helping fund his first product order) and 80% in advertising.
Thanks to MOBY’s good track record during the test, Wayflyer was able to give Thomas very competitive terms on his first advance: an 8% fee, with a repayment rate of only 16%.
Now on their third advance, MOBY continues to trust Wayflyer to fund their growth with increasingly better terms.
Wayflyer helped me understand my CAC in advance, allowing me to know that we had a commercially viable product before launch.
Thomas O Connell
Founder at MOBY