Thank you for standing by, and welcome to the Helbiz First Quarter 2022 Earnings Conference Call. Currently, all participants are in a listen-only mode. As a reminder, today's program will be recorded. If anyone objects, please disconnect now. I'd like to introduce your hosts for today's program, Gary Dvorchak, Managing Director with The Blueshirt Group. Mr. Dvorchak, please go ahead.
Thank you, operator, and hello, everyone. Welcome to Helbiz First Quarter 2022 Results Conference Call. With us today are Founder and Chief Executive Officer Salvatore Palella and Chief Financial Officer Giulio Profumo. We issued our financial results press release today after the market closed. It's available via newswires and on our website at investors.helbiz.com. A replay of this conference call will be available later today on the investor relations page of our website. Please note that our press release and this conference call contain forward-looking statements that are subject to risks and uncertainties. These forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors. Helbiz can give no assurance that these statements are proved to be correct. We have no obligation to update these statements.
We will also discuss certain forward-looking non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles. We urge you to review the discussion of our non-GAAP financial measures, and the risks associated with our business are described in the safe harbor provision of our filings with the SEC. I will now turn the call over to Salvatore to begin. Salvatore.
Thank you, Gary, and good day, everyone. Thank you for joining today's call to review our business performance and financial results for the first quarter of 2022. Once again, growth was substantial. Revenue tripled with both mobility and media contribution. We continued to invest to grow our business. To fund growth, we recently secured another $10 million of funding. In mobility, we won a license in Miami-Dade County. We are the first of any company to do so, and they are already operating there now. Across the U.S., Europe, and Asia Pacific, we are currently in discussion to bring our mobility service to new communities. License application in several cities are in the final stage. We are proud of the partnership we build with local government and how our investment in our technology enable us to move quickly.
We can satisfy specific requests from cities and, at the same time, keep licenses while competitors lose theirs. Our agility enable us to regularly override and beat or take away licenses from others. In addition to organic growth, we are exploring other ways to quickly grow our fleet and citizen service. At the moment, we are negotiating an M&A transaction with a potential partner also operating in the mobility sector, which could significantly increase our footprint and revenue. Because we are publicly traded, we can pursue opportunities like this using stock, which is often a better option than cash. During the quarter, we make strong progress in building our partnership resources. Most important is our deal with Google Maps. In cities where we operate, Helbiz scooters will now appear as a transportation option.
With a couple of taps, the Google Maps user can find a Helbiz scooter and start a ride. Similarly, we have a deal with Moovit, so their user can see Helbiz as a commuting option. This partnership introduces us to a wide group of users. They also present us as an alternative to other modes of transportation, such as ridesharing. This is a solid progress toward our goal of fully integrating ourselves into the way people commute through their city. As warmer weather comes, people are returning to normality of commuting to the office and see their friends. Because of this, we expect our services to become even more vital. That paired with the spike in gas prices and other difficulties presented by inflation should benefit our business.
Recent conditions show the need for a vibrant micro-mobility sector and growth potential presented to us. To take advantage of this, we are now taking delivery of new vehicle in many of our operating cities. The new vehicle enable us to max out our license caps and serve largest population. Finally, in media, we strengthened our partnership with Amazon Prime Video. In Italy, Helbiz Live will now be a subscription option in the channel section of Prime Video. We also have the MLB, the Major League Baseball, to our lineup, which bring baseball to Italy. Now let me turn the call over to our CFO, Giulio Profumo, to discuss our financial performance for the first quarter. Giulio.
Thank you, Salvatore. Our detailed financials can be found in our earnings release and 10-Q filing. We will spend our time discussing the drivers of financial performance. Unless I note otherwise, all figures are for the first quarter of 2022, and all comparisons are with the first quarter of 2021. We started the year on a solid note with good performance across multiple operating metrics.
Revenue more than tripled due to growth in mobility and the contribution from the media business. Mobility growth was multifaceted and generated 48% of total revenue. We continued expansion into new cities in the U.S. and in Italy, growing our teams in every city and providing enhanced services. Operating metrics showed solid performance. Quarterly active platform users were up 66%, and total trips were up 58%. Pay-per-ride still dominates revenue, but unlimited subscriptions grew by 76%. Unlimited is popular among customers who ride frequently and value our other services of food delivery and live streaming. Our marketing team is working hard to promote unlimited subscriptions because it represents a good value bundle for customers. Media has quickly become an engine of growth for us, making up the other half of revenue in the quarter.
Most media revenue again came from commercialization of media rights, while Helbiz's live subscriptions were nearly 20% of revenue. We're building live subscription momentum through the unlimited subscription offering. Going down the P&L, cost of revenue was mostly media related. Operating expenses reflect our commitment to invest for growth. The doubling of OpEx was mostly from the growth of the business. We hired more talent and spent more on marketing. We're also now incurring the expense of being a public company. Please note that we incurred $1.3 million in non-cash stock-based compensation expenses, which accounted for almost 6% of the total operating expenses. Our growth goals are aggressive, so naturally, we're focused on maintaining a healthy level of funding. In April, we secured another $10 million of funding via two convertible notes.
With increased liquidity, we remain confident with our ability to fund the business and pursue our objectives. We're always exploring cost-efficient forms of capital to fund the business and opportunities to further optimize our capital structure. Next, I want to update you on the financial lease agreement we signed in June 2021, a 12-month lease with a European financial institution for approximately 3,000 e-scooters. This agreement became effective on March 1, 2022, following the delivery of the vehicles to our warehouse. We now pay a monthly leasing fee for this addition to our fleet. Looking ahead, we see demand recovering to pre-pandemic levels. To fulfill this rising demand, we're taking vehicle deliveries now in many cities. We believe we are well-positioned to capitalize on the promise of the industry as the year progresses.
With increasing adoption of our environmentally friendly transportation alternatives, we now expect 2022 revenue to more than double versus last year. This improved outlook reflects growing ride utilization and city expansion. Now let me return the call to Salvatore for the closing remarks.
Thanks, Giulio. We are delighted to see solid revenue growth in our mobility business and that our unlimited subscription model is gaining traction. Our business is balanced and diversified across several service that make life more convenient and environmentally friendly for our customer. Based on the strong start of the year and the growing transaction across all our line of business, we are excited to increase our revenue expansion for 2022. This concludes today's conference call. We are open to answer your questions and would like to communicate with us, so don't hesitate to send us any questions. Thank you for spending time with us today. You may now disconnect.
The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.