Micromobility company Zeus is planning a global expansion of its team and product innovations, following the close of a €5m investment.

The new investment comprises €2m through Irish-based BVP investments, €350,000 from Enterprise Ireland, €1.65m from angel investment and €1m in debt.

The Irish start-up has situated their European HQ in Carlow, in recognition of the support from the county’s Local Enterprise Office. Following the investment,  Zeus founder Damien Young said the company plans to create more than 20 jobs in Ireland “and many more overseas”.

“We are absolutely thrilled to have new partners on board as we continue to reach new markets and change the face of micro mobility globally,” Young said. “Our goal is to positively contribute to environmentally friendly last mile transport means in cities everywhere with our safe, stable and unique micro mobility vehicles.

“This investment will help to secure our focus on innovation and expansion as well as create employment in all of our locations.”

On its website, Zeus is hiring staff to fill roles in technology, finance, operations, data and analytics and marketing and communications.

Founded in 2019, Zeus first launched its e-scooter rental services in 17 locations in Germany in 2020. Since then the Irish start-up has expanded into 6 countries across two continents and over 40 locations.

The start-up currently has a 5,000-strong fleet of three-wheeled e-scooters. Zeus plans to use the latest funding to launch its new Z2 Scooter in Europe and roll out solar powered docking stations called Lit Trees.

In January 2021, Zeus raised €2m to fund its European expansion, with investment led by the former CEO of car rental company Europcar, Colm Menton. The company announced a hiring drive later in the year to fuel its expansion into the Nordic market, including 15 jobs based in Dublin.

“As a High Potential Start Up (HPSU), Zeus has demonstrated its unique proposition in markets across Europe, Scandinavia and Asia,” said Enterprise Ireland head of ICT HPSU Donnchadh Cullinan. “Enterprise Ireland is excited to continue to support ZEUS on its growth journey, as it continues to find new markets and create employment.”

Zeus is one of several micromobility companies hoping to roll out its services in Ireland once legislation allowing the use of e-scooters is passed.

But it will face stiff competition from companies such as Bolt, which announced plans yesterday to create up to 50 new jobs and significantly expand its head office in Dublin. Bolt is investing up to €5m in the roll-out of its e-bike rental services across Irish cities and towns.

However, e-scooter regulations in Ireland likely won’t be in place until 2023, according to the Government’s 2022-2025 action plan for the National Sustainable Mobility Policy published in April.

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