E-scooter firm Zeus Scooters led by former banker Damian Young plans to roll onto Irish streets and generate 20 new jobs in the year ahead.
Irish electric scooter company Zeus Scooters has today (22 January) announced the completion of a €2m funding package into the company, further bolstering its expansion plans across Europe.
The new investment into the company has been led by veteran entrepreneur and mobility expert Colm Menton who sold his rental car business Europcar Ireland to its French parent in a deal worth an estimated €26m. Menton is also involved in a number of other ventures in this sector, including RentalMatics, which provides telematics software to the industry.
“We have become the fastest-growing micro-mobility in Germany and we have exciting plans for 2021, including launching in our home market Ireland”
The Irish owned scooter company was founded by ex-banker, Damian Young, and launched in the city of Heidelberg in Germany in June 2020. Since then, ZEUS Scooters has expanded to 17 cities in Germany, making it the fastest expanding Micro Mobility company in Germany.
Keeping the changes rolling
The new investment into the company has been led by veteran entrepreneur and mobility expert, Colm Menton, who sold his rental car business, Europcar Ireland, to its French parent in a deal worth an estimated €26M. Mr Menton is also involved in a number of other ventures in this sector, including RentalMatics, which provides telematics software to the industry.
Zeus was founded by ex-banker Damian Young, and launched in the city of Heidelberg in Germany in June 2020. Since then, ZEUS Scooters has expanded to 17 cities in Germany, making it the fastest expanding micro mobility company in Germany.
“We have become the fastest growing micro mobility in Germany and we have exciting plans for 2021, including launching in our home market Ireland,” Young stated.
Speaking with ThinkBusiness Young said that 20 new Irish jobs will be generated at the company over the coming year.
Zeus Scooters currently employs 10 people in Ireland and a further 15 in Germany. It has plans to continue its expansion in Europe and grow its head office base in Ireland, creating additional employment for the Irish Economy.
A vision for European urban mobility
Young, previously head of Innovation at Bank of Ireland, prior to establishing Zeus held senior roles at G4S and Silicon Valley software company Nomis Solutions.
He explained that Zeus is the first company globally to launch a three wheeled sharing scooter, which has proven to be safer, more stable and smoother for riders. The company has invested significantly in its scooter and its technology over the past 12 months, notably being voted the “best experience” in Germany against some of the world’s largest players.
Young said that while the company is awaiting legislation to be passed by the Irish Government to allow for the legitimate use of electric scooters on Irish roads, the company has already been through a similar process in Germany.
Not only that but he pointed out that the German system is one of the most stringent testing regimes for scooters in the world today. “We wanted to set the bar high and we went through that process. We are actually the first Irish company to get an ABE (Allgemeine Betriebserlaubnis) general operating licence.”
Across the 17 German cities Zeus has 2,000 scooters, out of which 1,200 are currently operational.
“Three-wheeled scooters are safer and stronger and more stable and actually a smoother experience. Using three wheels less shock is absorbed by your body.”
Young said that the aim is to differentiate Zeus in the marketplace for the quality and safety of its scooters, making them a go-to mobility solution for people of all ages.
“We’re seeing a good take-up of these by commuters who may be just off the train and want to get to their next destination. We are also seeing great diversity in usage as well.”
Once Zeus scooters are live in Ireland, users will simply download an app, register their credit card and simply use the e-scooters when they need to.
Young added that he envisages a time when e-scooters will be a mobility choice not just in cities but in towns across Ireland and Europe too.
Having an investor of the calibre of Menton will prove invaluable with more than 30 years of experience in the car rental and telematics technology sectors. “He has a lot of knowledge and can really shape the future of the company.”
Commenting on the new investment into Zeus Scooters, Menton said: “We have been impressed by what this business has achieved in such a short time in a sector that is expected to grow to over €500bn in a few short years.
“This investment will allow the business to continue with its ambitious plans and enter new markets including Ireland when legislation is passed. ZEUS Scooters is a positive addition to our portfolio in this market.”
By John Kennedy (john.kennedy3@boi.com)
Published: 22 January 2021
