Mobility technology company Mayten has acquired a majority interest in US-based media and event platform Micromobility Industries.
Micromobility Industries is known for its global conferences showcasing light electric vehicles and also has a newsletter, podcast and YouTube channel.
Brussels-based Mayten, which was founded in 2018, supports shared mobility operators, OEMs and cities with custom software and hardware tools. In addition, Mayten operates the shared mobility aggregation app Cogo following its acquisition last year, and runs mobility data and market research brand OTD. One of Mayten’s largest clients is AMAG Group, a Swiss automotive retail and service company that sells Volkswagen Group brands. Mayten helped AMAG Group by building a mobility platform called allride, a B2B car sharing and bike sharing programme.
The value of the deal has not been disclosed but Prabin Joel Jones, CEO and Founder of Mayten, will now become CEO of Micromobility Industries. Horace Dediu and James Gross will continue their involvement as Co-founders of Micromobility Industries.
Zag spoke with Prabin to find out what brought the two companies together. “If you look at shared mobility over the last few years, especially shared micromobility, the sentiment hasn’t been great. There’s a lot of negative press. A lot of what you read online is that this model doesn’t work, and there’s no way to be profitable. But what I specifically found is that there are companies that are profitable, and you can definitely build a solid business in this space. We needed a medium to amplify this voice and Micromobility Industries is a great partner to put this message out.”
Zag is told that there will be no change to Micromobility Industries’ events and the brand will remain. The Micromobility Europe expo will be announced in the next couple of weeks. “We are just finalising a couple of details but will announce this very soon. It’s going to be one of the biggest micromobility events in Europe,” said Prabin.
Micromobility Industries Co-Founder Horace Dediu commented: “Having worked with Prabin before I can’t think of better stewardship for the brand and the community that we have built. Prabin and Mayten are keenly aware of the opportunities and challenges of developing this young industry and we are looking forward to working together.”
Through Mayten’s innovative solutions and strategic acquisitions, the company aims to advance the mobility sector and enhance the shared mobility experience.
“I believe that shared multi-mobility is an under-appreciated industry right now,” said Prabin. “There was a boom in 2018 when new businesses like Lime and Bird raised a tonne of cash, and then there was a kind of a bust. Very few people have the courage to build when things don’t go well, and historically, that’s exactly how I’ve worked. Build when nobody’s building, buy when nobody’s buying. Right now in terms of acquisitions as well, there’s so many companies that are struggling but I believe they have strong products, and we can help them be profitable.”
