Despite being less than five years in existence, ZEUS Mobility has grown rapidly to become a leading player in European ‘last mile’ travel; now it is looking for a fresh round of EIIS funding to help take it to the next level in this still-growing market.
“We formally established the company in 2020, and now operate in the shared micro mobility market across Europe and the UK,” said Damian Young, founder of ZEUS Mobility. “In short, we provide shared mobility in urban locations globally. These vehicles include e-bikes, e-scooters and e-mopeds.
“We began with 40 scooters in Heidelberg in Germany in 2020. Since then, we’ve been predominantly in Germany but we have also authorised locations in Sweden, Italy, Croatia, and the UK. We are licenced to operate in over 60 locations globally, have half a million registered users and boast a fleet of about 6,500 micro-mobility vehicles at any time.
“Customers download the app, scan the vehicle and pay by the minute. They can also buy subscriptions. The average ride is about 14 minutes and generally fills the gap between short destinations, for example from the train station to the workplace. They can leave their e-bike or scooter at their destination for the next person to pick up.”
ZEUS has already clocked up a number of awards. The company was named ‘Innovator of the Year’ at the SFA Small Business Awards in 2024, while Young was a finalist in this year’s EY Entrepreneur of the Year. And only last week, Young was named Start-Up Leader of the Year at the Business Post Leadership Excellence Awards.
These awards come after a wave of new innovations by the company, which have resulted in ZEUS standing out from the crowd. “A key differentiator is one of our products, a three-wheeled scooter, which was developed to maximise safety and stability,” said Young.
“We have a very strong track record as having one of the lowest accident rates in Europe as a result of our three-wheeled scooter. We also tap into a much wider demographic of users, for instance, people who are a bit more nervous are more likely to try a three-wheeled scooter rather than going straight for a two-wheeled version.
“Over the last few years, we’ve also developed the ZOLAR, a fully sustainable solar charging station for electric vehicles. It doesn’t require groundworks or grid connections. We developed this because the market wanted more sustainable solutions and less clutter on the streets. With ZOLAR, we’ve been able to develop a better ecosystem to deal with city issues, such as parking issues and congestion.”
This round of EIIS investment will take ZEUS to the next level. “We’re looking for up to €2.5 million through this round of EIIS funding. The market is still in the growth phase; according to a McKinsey report, the market is expected to be valued at over $440 billion by 2030; at the moment, it’s in or around $180 billion.
“There is also still a lot of white space in terms of European locations; we have a very strong pipeline of opportunities there, as well as a strong pipeline of acquisition growth over the next few years. This investment will be used to invest in our fleet and ZOLAR, and to invest in people, systems, processes and so on.”
Plans for the funds include further expansion in Europe through both authorised and new cities; the rollout of ZOLAR to extend the eco system for micro mobility in all locations; a launch in Ireland following recent legislative changes; fleet and footprint expansion by 40 per cent or more; and the delivery of €16 million-plus in revenues over 2025/6.
For investors, the proposition is strong. “We are eligible under the 35 per cent tax relief because we are still under ten years trading and this is a follow-on investment from previous EIIS investments. We are a good proposition because we have a very strong management team that has been operating in business for 25-30 years; we’ve been trading for nearly five years and in that time we have shown growth, innovation, new product development and market penetration – so we’ve proven the market; and we focus very closely on the unit economics and the financial structure of the company.”
Since launching, ZEUS has produced over €15 million in revenues and positive EBITDA levels in 2023. This milestone allows the company to generate significant economies of scale, having established strong unit economics in its business model.
“This means there’s less risk for investors,” said Young.
ZEUS Mobility is hosting a webinar explaining its EIIS proposition on 19 November. Details of this and the EIIS opportunity can be found at zeusscooters.com/eiis-investment-opportunity/ or by emailing [email protected]