Panot began to be conceived during the pandemic, when its founders, Dídac Sabaté and Álvaro Ovejero, had plenty of time to come up with ideas. They thought that mobility models that were already working in other cities should be exported and tried different avenues such as the manufacturing of urban bicycles or the renting of electric bicycles for company fleets. "We were right that mobility was changing, but not how it was doing so," Sabaté acknowledges. At the end of 2023, they gave their business model a new twist and opted for something that was already working in the city, long-term bicycle subscriptions for individuals with existing players like Kleta and Swapfiets.
Designed for those who do not want to buy a bicycle, either because they do not have space at home to store it or they are afraid it will be stolen, this model is increasingly convincing more users. "It's your own bike without it being yours and it sleeps on the street. Like a rental car," remarks Sabaté, who had worked for more than ten years for the Swiss bicycle manufacturer Scott. For the entrepreneur, they are between an owned bike and Bicing, in addition to offering robust bikes, covering maintenance, and providing technical assistance for breakdowns or punctures. In case of theft, a replacement bicycle is provided. "We are more city-friendly," he defends while comparing their bikes with those offered by other private operators such as Cooltra, Bolt or Donkey Republic, which are always seen thrown around in any way on the streets.
Panot has been convincing more users, especially in Sarrià, where its store and workshop are located, on Balmes street. "The culture of mobility and also that of the consumer is changing," he adds. With a staff of six employees, the Barcelona-based company closed 2024 with about 1,000 subscriptions and a turnover of 850,000 euros, 70% more than last year. Families who rent their bicycles to take their children to school are one of their main profiles, but also those who use them to get to work, among them, many expats. University students, although they mostly prefer Bicing for price reasons, are also hiring them.
In September 2024, they began to record profits. The company started with one million euros of its own resources and then resorted to bank financing. For the future, it does not rule out closing financing rounds. Having surpassed the goal of 1,000 subscriptions in Barcelona, with a residual presence in Badalona, L'Hospitalet de Llobregat, Esplugues de Llobregat, and Sant Cugat del Vallès, Panot wants to add more users and reach more Spanish cities this 2025, provided that the Catalan capital is well covered. Looking ahead to 2026, they plan to explore internationalization.
For a few months now, Panot has launched a mobile application so that its customers can closely track their rental bicycles. As they are parked on the street, they have anti-theft systems, in addition to being equipped with technology that allows them to be geolocated, block the motor, and trigger the alarm. The prices of their subscriptions range from 50 euros per month for the basic model, with a range of 100 kilometers. This is the option chosen by 80% of customers. Then, from 120 euros per month, there is another model with more cargo capacity and a range of 80 kilometers. The bikes are bought from European manufacturers and are acquired based on the demand they detect.
Beginning to consolidate as a brand that people recognize on the street, for its colorful baskets, Panot has recovered one of its first ideas, offering its electric bikes to companies. These agreements represent 20% of the company's total fleet and there is still a long way to go, but, for now, Primavera Sound hired 150 bicycles from them and the organizers of the America's Cup another 150. Since last September, they also work for B:SM. FAD or Allianz are some of their other clients.