All right. Good morning, everyone. Thank you very much for joining our Q3 KPI report. I look very much forward going through it, explaining the details of it a little bit more to you. Before we get started, I'm very happy that I not only have Niels Henrik sitting next to me, but also Erdem joining us online for this report, so we can present and give you insights all three of us together, which I think is a great team to do it like that. Without further ado, I would now already give the word to Erdem, who will kick off by giving the short introduction of us as a company.
Thanks, Christian. For those who haven't met me, I'm also founder of Donkey Republic, supporting the team. Donkey Republic is really about making the city life better for everyone. We started the journey in 2015, and I'm very happy to say we have another fantastic quarter with the progress that you can see in the numbers. We are a partner for cities, very much favored by our riders, of course, but we also see ourselves as the best public transport on two wheels. We do that by being responsible and flexible and collaborative, and that you can see with our practice with virtual stations, that we don't support free flow, our employment practices and being responsible.
Flexible, supporting various business models and payment schemes, and collaborative where we are, supporting full integrations, and data sharing with cities. What you can see on the right of the map is actually part of this, that we are flexible. We are working both, SaaS model and MaaS model, mobility as a service and software as a service, different ways of supporting our partners and cities, in our growth. Thank you.
Coming to our KPIs that we're showing. What we're focusing on this report is not just to give you an overview of the revenue, but also on the other areas where we really aim to have an impact. That is the users and trips, so that really shows how often and how much our bikes are used and how much they are helping in the cities. It's also the size of the fleet that is both run by us, but also by our partners. Lastly, but also very important for us is the saved CO2 emissions. I will go into the numbers in more detail in a moment, but what I just want to say here is we had a record quarter.
This is the highest quarter we ever have achieved. None of these numbers have been on that high level before. We can really see that not only visitors coming back to cities, our strategy is working. We have a lot of good things that we're seeing here. Q3 is traditionally our best season, but it was really fantastic to see it all over the last three months and then finish it on such a high note here with such numbers. Let me explain a little bit more, especially on the revenue side, where that is coming from. We had EUR 33.8 billion of a revenue, up 83% versus last quarter, highest quarterly revenue we ever recorded. That is driven by two major things.
The first one is our MaaS rider revenue continues to go up. The MaaS rider revenue is the revenue we get from people using our app, renting the bike, and paying us for doing that, either by when they're visiting a city as a tourist or when they commute to work and use our services on a regular basis as a member or as a local. We can see that compared to last year, we are up 27%. That number for us is very impressive because also last year in Q3, there was basically no corona impact anymore. We have a fleet that is one year older. We come to that in a moment.
We get already new bikes in, but we still manage to grow our fleet, our revenue with the riders, even though our fleet in regards to age is a year older and we are very much looking forward now to get the new fleet in. The other very big driver that we have is that we have finally managed to start our subsidized operations in the city of Antwerp and in city of Turku. Antwerp being in Belgium and Turku in Finland. Antwerp running on e-bikes, Turku on pedal bikes. We had a revenue in that segment of more than EUR 1 million in Q3, which is up sevenfold compared to what we had a year before.
We still have smaller operations that continue to contribute to this result, but we're really happy to have Antwerp and Turku up and running and are looking forward to really utilizing that more and having that as a good basis for further expansions into other cities. One thing that's not as large as these two first segments is our SaaS business, but we can see that it's picking up. We also managed to deliver now the first bikes to our partners across Europe, and we can see that the license revenue is picking up. We have a strong increase in bike sales to the partners.
However, little side note, that was not so hard to do because due to the scarcity of bikes we had in the last year, the sales in Q3 2021 came almost fourfold. It was, we are still on a low level there in regards to sales, but we see that this business is picking up and are quite, we're looking forward on the development there. Talking about looking forward, we are very much on track to achieve our revenue target of EUR 9 million-EUR 10 million. We have EUR 7 million year to date. We have those large operations, things that provide us with recurring revenue. We have throughout Q4 more of our new bikes coming in to be deployed in our cities and in partner cities.
That's some details from my side on the revenue. We have some other great news which Niels Henrik will go into a little bit more detail.
Yes. Thank you. First of all, I would like to say I've been here now for a month, and there are many awesome talents in this company. Also, I would like to thank the four founders, and especially you, Erdem, as a founding father for this company. You've built this very visionary, and it's a business that we can really progress. I'm glad for the three of us working together, and you'll see in these three or in these quarterly reports that it will always be headed by our CFO because we're a listed company, and we'll see that progress also in future. As Christian says, we are giving guidance for EUR 9 million-EUR 10 million of this year. We've already successfully achieved seven of these.
It's about building future company of Donkey Republic, also the business, and that's also why one of the reasons that I've entered into this company. I'm very optimistic on that. That's for sure. Positively also is that we are growing our fleet of our bikes, which is really good. In these terms of supply management challenges, we are still able to to do this and progress that because we have very strong liaisons with the production and also that we have the people working for this. That's actually a show of talent in here, how we work together so that we deliver the basics, the foundation for this company also. That's an awesome job. Besides that, we're also moving more into the software part, putting in new features to the product. Our product is not just a bike.
It's a completion of an experience for the biker. It goes from everything from the bike to the bike being serviced in high quality by our Shepherds locally in each cities. It's also about onboarding the biker to the bike that one has an easy experience of picking up the bike, going from A to B and experiencing that, "Okay, this was faster. This was cheaper. This was better." In that sense, we can also really contribute to what Erdem says, the founding of the company, that we can improve the quality of life in cities and us who lives in the cities. A lot of progression also taking place in our software for that. These cities that we're represented in, you see some of them in here. Now we are also in Antwerp, as you know.
That was released early on, and we're now also picking up more business in Antwerp that comes with expanding the network within the city. Now we can welcome also the University of Antwerp coming in as an inbound business that, they can see now our bikes are on the streets. They can see we have cooperation with the municipality of Antwerp. Then up comes more business in that, in that sense. That's good. Also, we are now in Turku, so that we are releasing these new deals and, we're fulfilling them as they were to meet.
That brings us already to the end of our presentation, going through the record quarter we had just had, showing you the main KPIs. Now we very much look forward to answer any kind of questions that you have. Feel free to post them in the chat, and we attend right to it. There's a question, how many bikes we expecting to add in Q4 and Q1? Approximately what is the share for adds to fleets versus replacements? We ordered approximately 10,000 bikes that are coming in. We have more than the first 1,000 already in. We expected the majority of the open deliveries will come throughout the Q4, and then the rest will come in in the next year.
In regards to the ratio between replacement and addition, it's something that we are currently evaluating very carefully. We can see that our bikes just don't break down. We have a lot of old bikes that keep on running. If you live in Copenhagen, you sometimes might come across one. It's still going well. It's something we really look into to see how we can extend the lifetime about as much as possible and also to see what kind of upcoming deals do we have, where we would use the bikes then to enter into new cities or to support partners.
Maybe I could take the next question. It goes pretty much hand in hand with what you just answered, Christian. The hardware future, how does it look for next year? And also, the components of the bikes, in our just released generation three pedal bikes, will there be more on that in the coming year, or will it be like that in the year of 2021? Those two questions I think go very much hand in hand. First of all, I think one of the strengths of this business is that we have a mix of e-bike and pedal bike. And honestly, before me starting here, I thought this should be a company of e-bikes, of course, not old-school pedal bikes. Come on. Let's get into the future. Let's speed ahead of where the world is.
The thing is that the world really likes the mix, and the cities also very much like the mix. Some cities, they prefer a little on the left, others a little on the right, and we're able to do this mix. We're able to provide that for the cities and for the bikers, so that's really good. On the hardware future, we're very focused, and we've also just announced last week that the new head of that department is Mette. Mette's worked within this field for many years, and now she is heading the hardware department, working as head of vehicle and hardware. Regarding the components of the bikes, well, a bike has a lot of components. Supply management difficulty that if one of these components are missing, then the bike is not ready for delivery.
This is actually really complex, but this is something we are handling with a high expertise and with a strong commitment, and also something that we will progress further on in our future. That's what I'm able to say is we can't give the specific of the bike by comparison from year-to-year because that will also tell more on the future. Being a listed company, we can only work within the guidance.
Another question is expansion. What cities are we focusing on next and why? Again, our answer here is to a certain extent limited. What we've announced in the past is that we have our focus markets are within the Nordics, Benelux, France, and Germany. That areas we are looking into. There are a lot of tender activities across Europe by cities going on at the moment. We are very actively following on these. If there's more from our side to announce, we will do it via company announcement in that regard.
There's a question on how far are you in earlier announced reduction HQ cost? Well, good question. The company is progressing within the ambitions that has been announced. We're also looking into how the world is changing and adapting to those changes. We are luckily a small company of 144 employees as such. Here at the HQ, we are a total of 56 people working here very dedicatedly, and we are becoming more agile as the company is to develop its future. We're also looking into how is the world progressing, and also the turmoil outside of this company. In many areas it's going our way.
In many areas we see that cities are accelerating somewhat their transition upon going into the way of providing bikes as an alternative, not just to the car, but to the rising prices of fuel and energy. We see a shift in the wind progressing towards the goal that we are progressing upon. That's what we can say for now.
I think we reached the end of questions. I don't see any further questions in the chat now.
I can let you know that just two minutes before we walk in here, we had announcement that the company is in person today, so we're looking forward to go out and cover that because we haven't seen it yet. There's a lot of things going in here, and it's good to see also that outside world is starting to see, "Hey, what are you guys looking at? What is it that you see?" Somewhat many are starting to see minor change, not just in here, but also in outside. We're looking forward to see what's in person of today.
Yeah. Great. Thanks to everybody joining and also seeing the conference here. It's really great also to see more and more people engaging in our meetings here. I also very much like the questions. If we cannot answer them due to us being listed, we take them with us. Yeah, we work on that, and we give you more precise guidance on that moving forward. Having said that, very warm thank you from my side. Have a great weekend when it comes, and continue to ride our bikes.
Yeah. Every ride counts.
Thank you.
Everyone. Bye-bye.