Zeus is creating new jobs in all of its locations, while using the fresh investment to launch a new e-scooter and roll out solar docking stations.
Micromobility company Zeus is planning to expand its team and product innovations following the close of a €5m investment.
The new investment comprises €2m through Irish backer BVP Investments, €350,000 from Enterprise Ireland, €1.65m from angel investors and €1m in debt.
The Irish start-up has now situated its European HQ in Carlow, in recognition of the support it has received from the Local Enterprise Office.
Following this fresh investment, Zeus founder Damian 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 micromobility 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 micromobility 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 for roles in technology, finance, operations, data and analytics and marketing and communications.
Founded in 2019, Zeus launched its first e-scooter rental services in Germany in 2020. Since then, the Irish start-up has expanded into six countries across two continents and more than 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. That investment was led by Colm Menton, former chief executive of car rental firm Europcar Ireland.
The company announced a hiring drive later that year to fuel its expansion into the Nordic market, including 15 jobs based in Ireland.
“As a high potential start-up (HPSU), Zeus has demonstrated its unique proposition in markets across Europe, Scandinavia and Asia,” said Donnchadh Cullinan, head of ICT HPSUs at Enterprise Ireland.
“Enterprise Ireland is excited to continue to support Zeus on its growth journey as it continues to find new markets and create employment.”
But it will face stiff competition from companies such as Bolt, which announced plans this week to create up to 50 new jobs and significantly expand its head office in Dublin. It comes as 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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