Irish firm ZEUS buys one of UK’s biggest e-scooter operators Zwings.
Irish micro-mobility company ZEUS Scooters has acquired UK e-scooter sharing company Zwings in a cash-plus-equity deal for an undisclosed sum.
Founded in 2019 by ex-banker Damian Young, ZEUS launched in Germany in 2020 and has since expanded to 42 cities spanning six countries and two continents.
“We are delighted to be entering the UK market as our nearest neighbour and we hope to further enhance the positive impact that Zwings has made in the UK market”
With a fleet of more than 5,000 unique three-wheeled e-scooters, it has operations across Germany, Norway, Sweden, Croatia, Italy and Malaysia.
Zwings offers similar fleet sharing services across towns, cities and universities in the UK with 78,000 customers and 15 staff.
Wheels of change
ZEUS recently closed a €5m funding round with investors including Enterprise Ireland and BVP Investments. The company’s continued expansion and development of proprietary hardware and software has impressed investors and will further support its continued expansion in 2023.
Speaking about the acquisition, Damian Young, founder and CEO of ZEUS said: “We are delighted to be entering the UK market as our nearest neighbour and we hope to further enhance the positive impact that Zwings has made in the UK market.”
ZEUS has recently opened its new offices in Kildavin, Co. Carlow and employs 36 people in Ireland and over 100 people in its markets globally.
Zwings has become one of the most successful companies to operate under the DfT’s Micro Mobility Trials, which have been extended to 2024 and has built close partnerships with local authorities.
ZEUS will initially offer its two-wheeled scooter in the UK.
Once UK legislation expands to allow for other models, however, ZEUS has confirmed that it intends to introduce its safer and more stable three-wheeled scooter in the market.
“We are thrilled to be joining the Zeus family and their visionary team and we look forward to combining our operational knowledge to achieve continuing success both in the UK and other markets in the years to come,” said CEO and Founder of Zwings Ltd, JP Lewin.
“Both companies share a similar interest in providing hyper-localised transport services tailored to the communities they serve.”
Damian Young added: “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.”
Main image: ZEUS founder Damian Young