Fenix, the micro-mobility startup based in the UAE, is offering a private e-scooter subscription service in Abu Dhabi as it aims to tap into the demand for clean mobility solutions.
The service, called MyFenix, will offer its own electric scooter for a fixed weekly or monthly fee to the emirate’s commuters.
Fenix, which was established by the former directors of the e-scooter company Circ, said that the subscription would include unlimited rides, insurance for every ride, a smart app to lock and locate the scooter, free maintenance and vehicle replacement in less than 24 hours in case of any technical problems.
“We aim to provide commuters with a range of micro-mobility services that best meet their daily needs and unleash urban potential. MyFenix is the first subscription solution in the region; it is a game-changer for mobility access, offering a price point and level of convenience that is within reach of the majority of the population,” Mr Jaideep Dhanoa, co-founder and chief executive of the company, said.
Fenix’s subscriptions start at $27.23 per week or $54.45 per month making it more cost-effective to subscribe to a private e-scooter than buying one. Users can permanently own the bike if they sign up for a 24-month subscription plan.
Rising micro-mobility demand
According to CBInsights, the shared micro-mobility market is growing rapidly and is projected to be worth between $300 billion and $500 billion across the US, Europe and China by 2030. The US-based research firm said in a recent report that since 2015, startups in the sector have received around $5.3 billion in funding.
Although the pandemic has hit the shared micro-mobility market hard, a McKinsey report estimates that the industry is expected to recover to pre-crisis levels in the medium term as more countries encourage e-scooters and bicycles for local travel.
Launched in November last year, Fenix’s e-scooters are available in Abu Dhabi, Fujairah, Ras Al Khaimah and Qatar. The UAE capital is the first city where the startup has rolled out the subscription-based service.
In November, it secured $3.8 million in seed funding from Tel Aviv-based venture capitalist (VC) Maniv Mobility. It was the first venture investment in a UAE company by an Israel-based VC.
Circ, Careem and Lime have been offering e-scooters for hire in Abu Dhabi since 2019. Dubai’s Roads and Transport Authority banned the hire of electric scooters in March 2019 while it investigated how the rental market could be safely regulated, but permitted trials in five areas in October last year.