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UAE-based electric scooter company “Phoenix”, backed by Israeli venture capital funding, said it had acquired Turkish scooter company “BALM” for $ 5 million.
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“Additional undisclosed funds have been raised since then, and Phoenix aims to raise Tier 1 funds later this year,” said Jadeep Danoa, co-founder and CEO of Phoenix, noting that moving to Turkey, which summer is mild, will help offset the impact of the drop in the frequency of scooter rentals in the sweltering Gulf heat by mid-year, ”as“ Phoenix ”is also operating in Bahrain, which also normalized relations with Israel in September last, and Qatar and Saudi Arabia, which have no Diplomacy relations with Israel.
Jaydeep Danoa pointed out that “in March 2019, Dubai banned companies from renting electric scooters with its updated regulations, and Turkey enacted a regulation for electric scooters in April, which encouraged the acquisition of BALM , because “Phoenix offers a shared electric scooter in various countries, which is the first private subscription for electric scooters in the region, and has launched a ten-minute grocery delivery service in Abu Dhabi, to take advantage of the shutdown of its fleet and increase its profitability.
Danoa stressed that “the company also hopes to offer other types of vehicles this year”. venture capital funding After the two countries normalized relations last September, they received $ 3.8 million from Israeli venture capital firm Maniv Mobility as part of a $ 5 million seed funding , according to “Reuters”.
Source: “Reuters”
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