Zeus Scooters has raised €650,000 equity funding after buying UK peer Zwings in August 2022.
A nominee account for EIIS investors accounted for €480,000 of the latest fundraising in December, with existing investor Brendan Foley buying shares for €100,000.
Founded in 2019 by Damian Young, Zeus launched in Germany in 2020 and has since expanded to 42 cities in six countries. The company says its fleet extends to over 5,000 unique 3-wheeled e-scooters which are deployed in Germany, Norway, Sweden, Croatia, Italy and Malaysia.
The company says that earlier in 2022 it raised c.€5m in funding.
This comprised €2m from BVP investments, €350,000 from Enterprise Ireland, €1.65m of angel investment and €1m in debt. Previously, Zeus secured €2m in seed investment led by veteran investor and entrepreneur Colm Menton, who sold Europcar in 2017.
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Zwings offers fleet sharing services across towns, cities and universities in the UK and had 78,000 customers at the time of the acquisition. Zwings is a participant in the UK’s DfT Micro Mobility Trials, which have been extended to 2024.
Zeus Scooters operates from Kildavin, Co. Carlow and employs 36 people in Ireland and over 100 people in its markets globally.
According to Young: “We have invested in Ireland and have created our global head office here as well as creating sustainable employment in the local market, in anticipation of legislation governing micro mobility in Ireland.”
For the electric scooters, Young found a manufacturer in China, while the Zeus app was developed by Wunder Mobility in Hamburg, which bills itself as the largest and fastest growing mobility technology company in Europe.
Operating company Eco Urban Scooters Ltd booked a net loss of €400,000 in 2021, bringing accumulated start-up loses to €770,000. The company’s annual filing discloses total equity investment of €2.7m as of December 2021, and year-end balance sheet cash was €890,000.
Chief operating officer Christopher Kemp told Zag: “I believe there is a great opportunity to expand our scope across the UK. London would be a great base for potentially trialling the unique 3-wheel scooter we have to offer and seeing how the market react to this stable and safer option that is offered across the rest of Europe.
“We recently carried out a survey showcasing that we appeal to a higher demographic with over 50% of respondents being over 30 years old. We are excited about the new opportunities the UK poses over the coming years.”
Zeus Z2 scooters are characterised by their three wheels, stable stand and high weight.
The company has achieved most traction in Germany, where it has a presence in 40 cities, and last autumn rolled out its latest scooter models in Kaiserslautern.
The latest scooter model has pneumatic tyres, directional indicators to allow signalling without removing hands from handlebars, and wireless phone holder and charging.
In Germany, the basic fee is 1€ to unlock the scooter and each additional minute costs 28c. For frequent drivers, Zeus offers subscription packages, such as €5 for unlimited activations of the scooters for 30 days.
Image: Zeus CCO David O Reilly, Enterprise Ireland strategic growth adviser Dan Barry, Zeus founder and CEO Damian Young, BVP investment director Stephen Burdock and BVP managing director Elliott Griffin
