Oslo-based micromobility operator Surf Beyond has acquired U.S operator Superpedestrian to create a new global player in the industry.
Late last year Superpedestrian announced that it was closing its U.S. operations. The move from Surf Beyond means that 100 Superpedestrian staff (80%) are being kept on to run its European operations.
The operator now has around 30,000 e-scooters and is valued at approximately £37 million as it transitions from Norwegian-only operations to nine markets in total, including Spain, France, the UK, Italy, Austria and Germany.
“Superpedestrian is an incredible brand in terms of its dedication to safety and integrating micromobility in a responsible way. It created a lot of value for a lot of people,” Surf Beyond Co-Founder Mats Breesth told Zag Daily. “We want to take that and build on top of it.”
Breesth and his co-founder Julian Hahn have been long-time admirers of Superpedestrian and reached out to the brand once it reported facing financial difficulties.
“The core focus is to reinstate Superpedestrian in city markets across Europe,” Breesth said.
Commenting on the acquisition, Zag industry expert and advisor for Movability Lars Grødem-Olsen, told Zag Daily: “Surf has an interesting take on business model and marketing that I am wondering if will be a good cultural fit with Superpedestrian. They have very ambitious growth targets which I am wondering if they are able to hit.”
Surf is aiming to see a turnover of approximately £15 – £18 million in 2024.
“The big test is if they will be able to give autonomy and responsibility to local markets so locals will have the proper structure and incentives to be profitable,” Lars said.
“Surf has really got a steal in terms of assets and technology, which I believe they have needed. They have struggled with integrating with municipalities’ tech stack, resulting in being disqualified in permit applications.
“It has never managed tier-1 cities with a higher need for compliance. I am sure that Superpedestrian’s competent staff will help them navigate these waters effectively.”
