M&A advisory for micromobility companies
Micromobility M&A is now a consolidation story. After the 2018-2021 expansion, several large shared operators merged, exited unprofitable markets or wound down, while light electric vehicle brands and fleet operations software continue to attract strategic interest from larger mobility and consumer transport platforms. The buyer set is narrower and more disciplined than at the peak.
The active buyer set in micromobility is narrow. Strategic mobility platforms are the most consistent acquirers, alongside OEM corporate venture and corporate development at groups like Hyundai and BMW that have taken positions in light electric vehicles, plus PE-backed consumer services rollups and infrastructure investors with city-level theses. Flow has direct access to strategic and PE buyers active in the category and runs targeted outreach rather than broad pitches.
Flow team has relevant sector experience and has worked with micromobility companies across shared e-scooters and e-bikes, owned light electric vehicles, fleet and operations software, and battery swap and charging networks for two-wheelers.
"Micromobility" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing micromobility M&A targets
Vehicles deployed
Active cities
Rides per vehicle per day
Fleet utilisation
Revenue per ride
Contribution margin per ride
Vehicle lifetime (days)
Capex per vehicle
Depreciation per ride
ARPU per fleet vehicle
Theft & loss rate
Micromobility valuations in May 2026
Public micromobility comps trade at 1.4x EV/Revenue. Median revenue multiple across micromobility M&A deals was 5.9x in the last 12 months.
1.4x
Median EV/Revenue as of May 2026 for public micromobility companies
3.6x
VinFast is the highest valued public micromobility company based on EV/Revenue (excluding outliers)
5.9x
Median EV/Revenue across micromobility M&A deals in the last 12 months
5.1x
Median EV/Revenue across micromobility VC rounds in the last 12 months
Key recent micromobility M&A deals
$1.2B acquisition of Voi by Uber was the largest micromobility M&A transaction completed in the last year.
See all micromobility M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
May-26 | Voi |  | VOI Technology is a micromobility operator providing e-bikes and e-scooters across more than 150 cities in Europe. The Sweden-headquartered company achieved EBIT profitability in 2024 through efficient fleet management and urban partnerships. Voi collaborates with city governments in countries like the United Kingdom, Germany, and Sweden to deliver sustainable last-mile transportation solutions. | Uber | $1.2B | 5.9x | |
Jan-26 | Rad Power Bikes |  | Rad Power Bikes is North America's leading direct-to-consumer electric bicycle company headquartered in Seattle, Washington. Founded in 2007, it manufactures popular models like the RadRover fat-tire adventure bike, RadCity urban commuter, and RadWagon family cargo hauler. The firm ships to customers throughout the United States, Canada, and parts of Europe via its e-commerce site and supports them through over 50 service centers in North American cities. Rad Power Bikes holds the top market position in sales volume for affordable e-bikes and maintains a workforce exceeding 700 employees across design, assembly, and distribution operations. | Life Electric Vehicles | $13M | - | |
Jan-26 | Lime | | Lime is a San Francisco-headquartered micromobility company operating electric scooters and pedal-assist bikes. Launched in 2017, it serves over 200 cities worldwide, including the United States, Europe, and Asia, with dockless fleets accessed via mobile app for short urban trips. Lime promotes sustainable transport through its green energy-charging stations. | Sunderstorm | - | - | |
Dec-25 | CityWalk e-Bike |  | CityWalk e-Bike manufactures electric and hydrogen-powered e-bikes along with associated mobility products and services. | Starstream Entertainment | - | - | |
Nov-25 | Pedego Electric Bikes | | Pedego Electric Bikes is an Irvine-based manufacturer of electric bicycles with hub motors for assisted pedaling, founded in 2009. | Urtopia | - | - | |
Sep-25 | Skipr |  | Skipr is a Brussels-headquartered mobility platform serving corporate commuters in Benelux countries with a unified app for public transit, e-scooters from Bird, Uber rides, and trains. Adopted by Accenture, Ogilvy, and Carrefour across 50 cities, it includes expense dashboards and multi-modal ticketing. | Pluxee | - | - | |
Jul-25 | Neuron Mobility |  | Neuron Mobility is a Singapore-headquartered operator of dockless electric scooter and e-bike sharing services. Its fleet of proprietary orange scooters features geofencing technology, anti-theft GPS, and speed limiters to enforce safe riding in cities like Singapore, Auckland, and Brisbane. Designed for durability with swappable batteries, the vehicles withstand commercial usage volumes. Founded in 2018, Neuron Mobility prioritizes rider verification via app-based age and license checks. | Beam | - | - | |
Jun-25 | ScootAPI |  | ScootAPI is a Berlin-based provider of white-label software for e-scooter rental fleets. The platform includes fleet management dashboards, customized hardware integrations, rider mobile apps, and payment processing. ScootAPI supports operations in Europe with features like geofencing, real-time tracking, and maintenance scheduling. Launched in 2019, it partners with scooter manufacturers for turnkey deployments in urban mobility markets. | ATOM | - | - |
Most active buyers of micromobility companies
Life Electric Vehicles, Cooltra and Mayten are the most active acquirers of micromobility companies in the last three years.
See all micromobility acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Life Electric Vehicles | | Life Electric Vehicles Holdings Inc is a developer, manufacturer and distributor in the light electric vehicle industry. The business model includes the launching, acquisition, and consolidation of multiple brands of e-bikes, e-trikes, e-scooters, and light EV companies to become an industry leader in the American micro-mobility market. | Rad Power BikesSerial 1 | 2 | |
Cooltra |  | Cooltra is a Barcelona-headquartered leader in two-wheeled sustainable mobility across Europe. Operating in Austria, Spain, France, Italy, Portugal, and the Czech Republic with nearly 400 employees, it manages a fleet exceeding 16,000 vehicles, 64 percent electric scooters. Services include minute-by-minute sharing of scooters and e-bikes plus long-term rentals for individuals, companies, and public administrations. | felyxCityscootKleta | 2 | |
Mayten | | Mayten is a consultancy that unites innovators and specialists across disciplines to tackle innovation challenges. It employs a proprietary Innovation Process alongside corporate growth hacking methods to accelerate idea development and scaling. | Micromobility IndustriesCogo | 2 | |
Pluxee |  | Pluxee NV is a company providing employee benefits and engagement. The company offers products and services focused on their real daily needs from meal orders to expense reports and well-being. The company's operating segments include: Continental Europe; Latin America; and Rest of the world. It derives maximum revenue from Continental Europe. Geographically, the company derives maximum revenue from Brazil. | SkiprProEvesBenefício Fácil+1 | 1 | |
Beam | | Beam is a micromobility startup based in Mexico City offering app-controlled e-scooters with geofenced parking incentives. Riders earn credits for docking at designated spots, reducing clutter in cities like Guadalajara and Monterrey. Launched in 2021, its fleet exceeds 5,000 vehicles, emphasizing urban safety with speed limits and helmet integrations. | Neuron Mobility | 1 | |
Urtopia |  | Urtopia is an electric bicycle manufacturer blending futuristic design with advanced technology. Founded in 2020 and based in China, it produces smart eBikes equipped with GPS tracking, app integration, and adaptive motors to enhance urban commuting and promote healthier lifestyles. | Pedego Electric Bikes | 1 | |
ATOM |  | ATOM is a mobility platform headquartered in Mexico City, Mexico. It enables entrepreneurs to launch white-label vehicle sharing apps for cars, bikes, and scooters. The service provides backend infrastructure, rider-driver matching, and payment processing modules. Deployments serve urban areas in Latin America with geofencing and fleet management dashboards. | ScootAPI | 1 | |
Starstream Entertainment | | Starstream Entertainment is a Monterey-based staffing agency specializing in on-demand personnel for events and brand activations. Founded in 2012, it supplies temporary workers to consumer goods companies for trade shows, product launches, and promotional campaigns. The firm manages recruitment, training, and deployment for high-profile clients in California, focusing on hospitality and experiential marketing sectors. | CityWalk e-Bike | 1 | |
Uber | | Uber Technologies is a technology provider that matches riders with drivers, hungry people with restaurants and food couriers, and shippers with carriers. The firm's on-demand technology platform is currently utilized by traditional cars as well as autonomous vehicles, but could eventually be used for additional products and services, such as delivery via drones or electronic vehicle take-off and landing (eVTOL) technology. Uber operates in over 70 countries, with over 202 million users who order rides or food at least once a month. | VoiFly TaxiBlacklane+1 | 1 | |
Sunderstorm | | Sunderstorm manufactures science-backed cannabis products emphasizing quality and efficacy. | Lime | 1 |
Founders and investors we've worked with
We've supported winning builders across micromobility and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
See moreRecent M&A advisory track record
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