PRINCETON, N.J., June 4, 2020 /PRNewswire-PRWeb/ -- Edison Partners, the growth equity firm, announced today the sale of substantially all of the assets of portfolio company Zagster, the shared micromobility and fleet operations management company, to Superpedestrian, the Boston-based mobility engineering and technology company founded by urban transport experts from MIT.
Edison Partners also announced leading a new $15 million investment in Superpedestrian, joined by existing investors Spark Capital and General Catalyst. The new growth capital adds to the $20 million in financing announced by Superpedestrian in November 2019 to support the roll out of its scooter fleet.
"The combination of Superpedestrian with Zagster creates the first fully integrated micromobility company. One that includes product, manufacturing and supply chain as well as professional fleet operations, government and community relations," said Daniel Herscovici, Partner, Edison Partners, who led the investment and joins Superpedestrian's board. "We are excited to bring to life our vision for Micromobility 2.0. I believe there remains a significant opportunity to improve the consumer experience and the relationship with the communities we serve, and to deliver a world-class solution anchored in safety and compliance. Superpedestrian's LINK scooter share will have the benefit of owner economics for the entire platform from the micromobility vehicle to on the ground operations." For Herscovici, Micromobility 2.0 also includes key tenets such as:
- A scalable platform to meet higher anticipated rider demand post-COVID
- Purpose-built vehicles for fleet operations, community and consumer requirements
- Vehicle design and a tech platform enabling safer rides
- End-to-end supply-chain control. End-to-end control over ground operations
- Engaging and proactive collaboration with government and local communities
"Zagster's fleet operations business and unique experience running a complex micromobility network across top cities is a natural complement to our mission to make cities safer and more productive with intelligent e-scooters and shared micromobility vehicles," said Superpedestrian CEO Assaf Biderman. "We're thrilled to have the backing of Edison Partners, who shares our vision for the next generation of personal mass transit."
Since December 2019, Superpedestrian, through its shared micromobility division LINK, and Zagster have partnered on a U.S e-scooter share program in Fort Pierce, Fla. The new capital will enable Superpedestrian to launch LINK across new local markets.
This is the fourth investment for Daniel Herscovici since joining Edison Partners in 2018. Superpedestrian follows Herscovici's recent investments in data privacy and enablement technology platform Anonos, on-demand outdoor home service provider LawnStarter, and data intelligence and legal technology platform Bodhala. In all, Edison Partners has financed and guided more than 235 private companies since 1986.
About Zagster
Zagster is the nationwide leader in micromobility fleet management anchored in the belief that operational excellence is the most important variable to ensure the long-term success of micromobility programs. Zagster provides fleet management capabilities as a service to mobility brands and host partners (cities, universities, and real estate companies) in over 200 markets nationwide. The company's fleet management software platform is purpose-built to pair with an in-market staffing model to deliver best in class unit economics for mobility brands and a high level of quality for host partners. Visit http://www.zagster.com.
About Superpedestrian and LINK
Superpedestrian is a mobility engineering and technology company that develops and launches urban transport solutions. LINK is the company's shared micromobility platform and the first operator to offer electric vehicles with self-diagnostic technology, enabling safe and profitable shared fleets.
About Edison Partners
For more than 30 years, Edison Partners has been helping CEOs and their executive teams grow and scale successful companies. The firm's investment team brings extensive investing and operating experience to each investment. Through a unique combination of growth capital and the Edison Edge platform, consisting of operating centers of excellence, the Edison Director Network, and executive education programs, Edison employs a truly integrated approach to accelerating growth and creating value for businesses. A team of experts in financial technology, healthcare IT and enterprise solution sectors, Edison targets high-growth companies with $5 to $25 million in revenue; investments also include buyouts, recapitalizations, spinouts, and secondary stock purchases. Edison's active portfolio has created an aggregated market value exceeding $10 billion. Edison Partners is based in Princeton, NJ and manages more than $1.4 billion in assets throughout the eastern United States.
SOURCE Edison Partners
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