Abu Dhabi-based micromobility company Fenix has acquired Palm, a shared e-scooter company in Turkey, for $5 million – the exact amount the company raised last November and this past February during its seed round.
Despite having not even raised a Series A round yet, Fenix scrounged together the cash and equity needed to fund this buy and stretch into Turkey, calling on additional capital from existing investors Maniv Mobility and Emkan Capital. Fenix would not disclose the terms of the acquisition or how much it recently raised.
This acquisition marks Fenix’s expansion into its fifth Middle Eastern country and 13th city since its launch last November, making it the