The Irish micromobility provider Zipp has closed a €6.1 million (£5.2 million) funding round, let by UK-based asset manager Fasanara Capital.
New capital, a mixture of equity and debt, will be used by Zipp Mobility to expand its e-scooter and e-bike operations in Ireland, the UK, and mainland Europe in the coming months, the firm said.
Founded in 2019 by Charlie Gleeson and based at NovaUCD, part of University College Dublin, Zipp Mobility currently operates in nine cities in the UK, Ireland and Poland.
Charlie Gleeson, CEO and founder, said: “We are delighted to have secured this significant investment and backing from the Fasanara Capital team and existing investors. Its great to have so many investors who believe in our long-term vision of ‘mobility done right’.
“This funding will help us bring this approach to more cities and provide more people in Ireland, the UK and mainland Europe with sustainable, safe and community-centric micromobility solutions.”
The latest funding round was led by Fasanara Capital, a UK hedge fund with more than £2.8 billion in assets, along with follow-on investment from a number of existing investors.
Francesco Filia, CEO of Fasanara Capital, said: “We were attracted to investing in Zipp by their differentiated market position and unique value proposition to local government partners. Zipp are an evolved player in the mobility space with a proven track record, sophisticated tech infrastructure and a quality-driven approach and we believe these factors will continue to drive the company’s success in this fast-growing market.”
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Previous to this latest funding round Zipp Mobility, an Enterprise Ireland high potential start-up, had secured a total of €2.1 million from a number private and angel investors including, former Irish rugby international Brian O’Driscoll and Barry Maloney of Balderton Capital, Enterprise Ireland, and through a crowdfunding campaign on the Spark Crowdfunding platform.