FENIX has acquired PALM, a homegrown leading micro-mobility company in Turkey, for USD 5 million in cash and equity. Turkey becomes the 5th operational country and Istanbul the 13th operational city for FENIX since its launch in Abu Dhabi, UAE in November 2020. The company has raised additional capital from its existing investors to finance the acquisition and expansion into Turkey.
PALM founders Berhan Goksin and Alican İstanbullu will remain with the company and lead the business expansion efforts in Turkey. Existing PALM shareholders and renowned local Turkish entrepreneurs will join as FENIX shareholders and support the company’s efforts to create a leading platform in the Turkish market.
FENIX will also establish an R&D center for software and hardware in Istanbul to develop breakthrough technologies for the Turkish market and to export to the Greater Middle East region.
The acquisition extends FENIX’s market-leading micromobility platform from the Gulf to Turkey, staking its position as the sole regional platform operating across the Greater Middle East region. The Turkey business, with peaks in summer and dips in winter, will provide a counter-cyclical balance to FENIX’s Gulf business.
Jaideep Dhanoa, Co-founder and CEO of FENIX, 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. In order to realize the market opportunity, we realized early on we had to be local. We are grateful to find a team of exceptional entrepreneurs in PALM who know the market. They have played a meaningful role in creating the micromobility industry in Turkey. Together we look forward to bringing our micromobility platform to the streets and people of Turkey.”
