UAE’s Fenix Enters Turkey After Acquisition of E-Scooter Platform Palm
It marks the 5th Middle Eastern country and 13th city that micromobility specialist Fenix has begun operating in since its November 2020 launc
UAE-based micro mobility startup, Fenix, has acquired Turkish e-scooter platform, Palm, for $5 million. The acquisition sees Fenix increase its number of e-scooters to 10,000 as it adds Palm’s 1,500 Ninebot e-scooters into its catalogue, as well as giving Fenix a permit to operate within Istanbul. Fenix’s entry into Istanbul will involve the deployment of thousands of its scooters, rebranding Palm’s scooters, and the establishment of a research and development (R&D) centre for software and hardware.
Founded in 2020, Fenix has been on a mission to transform and accelerate the UAE’s urban potential by paving the way for affordable and better-connected journeys through its on-demand e-scooter platform.
Despite being yet to secure a Series A round, Fenix has been able to accumulate enough equity to fund the new acquisition and tap into the Turkish market with the help of additional capital from existing investors Maniv Mobility and Emkan Capital.
Keen on regional expansion, Turkey becomes the fifth Middle Eastern country and the 13th city that the startup has begun operating in since its launch in November 2021.
“Palm has a meaningful presence in Istanbul, and the city will be a major focus for our company in the near term,” said Jaideep Dhanoa, co-founder and CEO of Fenix. “Beyond Istanbul, we see tremendous opportunity across Turkey. The country is home to 83 million people and there are 24 cities with a million or more people.”
Palm’s founders, Berhan Goskin and Alican İstanbullu, will continue their role in leading the company and spearhead Fenix’s expansion plans in Turkey along with the company’s existing shareholders.
