Micromobility operator Fenix has acquired Palm, a homegrown micromobility company in Turkey, for $5 million in cash and equity, which was raised from existing investors to finance the acquisition and expansion into the country. 

 

Turkey became the 5th operational country and Istanbul the 13th operational city for Fenix since its launch in Abu Dhabi in November 2020. 

 

"Palm founders Berhan Goksin and Alican İstanbullu will remain with the company and lead the business expansion efforts in Turkey, while existing shareholders and local entrepreneurs will join as Fenix shareholders and support the company’s efforts to create a leading platform in the Turkish market," according to a Fenix spokesperson.

 

Fenix will also establish an R&D centre for software and hardware in Istanbul to develop technologies for the Turkish market and to export to the greater Middle East region.

 

Fenix Co-founder and CEO Jaideep Dhanoa said: “The Turkey market is primed for micromobility investment - 83 million people, 75% urban, 20 cities with a million or more population, high public transit and multimodal usage - supported by a government that has released progressive national legislation on shared micromobility. 

 

"These are fundamentals that we look for, and positions Turkey as one of the most attractive markets in our portfolio. We are grateful to find a team of entrepreneurs in Palm who know the market and have played a meaningful role in creating the micromobility industry in Turkey," added Dhanoa.

 

Co-Founder and CTO IQ Sayed said: “Our approach at Fenix has been to invest in vehicles, talent and technology customised for each of our markets in the greater Middle East. By integrating across the value chain, we have been able to achieve distinctive financial performance, unlock new opportunities and offer more ways of serving our customers, such as our 10-minute grocery delivery service, F10, and subscription service, MyFenix.”

 

Palm Co-Founder and CEO Goksin said: “We started Palm so we could bring micromobility to all of Turkey, in a Turkish way. We found a meeting of the minds when we met the Fenix team, and are thrilled to have an experienced partner committed to the Turkey market, investing with us in capital, talent and technology so we can solve consumer needs across Turkey.”

 

Co-Founder and COO Istanbullu added: “With Fenix we found a company that brings best-in-class operational excellence with a focus on capital efficiency through ops and vehicle innovations. We are excited to introduce their custom swappable battery vehicles and cargo e-mopeds into the market, combining with Turkish entrepreneurship to drive financial performance and service quality levels.”

 

The acquisition extends Fenix’s micromobility platform from the Gulf to Turkey, staking its position as the sole regional platform operating across the greater Middle East region.-TradeArabia News Service