EFO Ventures, an early-stage investment and concept incubation firm, announced that it has acquired the assets of shared mobility company Frog Mobility (Frog).
This newest acquisition allows EFOV, founded by Sean Flood and David Touwsma, to combine its executive team’s experience in the shared mobility industry with Frog’s global brand and team.
Through the acquisition, EFOV aims to build a different kind of mobility company based on opportunities they have identified through their years of experience in the industry, the statement said.
“I am proud of the hard work and steady growth the Frog team has accomplished around product development and our global footprint.” said Pedro Guedes, VP of global expansion and operations at Frog. “Our history has established us as a dominant provider in shared mobility, and I am thrilled to add the support and experience from EFOV to propel us to the next level.”
Frog is an environmentally friendly first and last-mile solution that helps communities and their residents rethink modes of transportation. With the goal of shaping the future of micro-mobility by utilizing fleets of 100% electric vehicles, Frog developed the first ever commercial grade fleet of products including their stand-up scooter, seated scooter, and electric bike manufactured specifically to meet today’s high demand rideshare use.
“After 12 years of working in the shared mobility space, we have seen a real shift in the acceptance and expanded use case for multiple forms of shared devices,” said Sean Flood, managing partner at EFOV. “There are companies who have done a great job launching these services, but we feel there is a significant gap by not having operations performed by locally owned enterprises. While shared mobility systems have grown exponentially over the past three years, EFOV sees substantial growth opportunities throughout both the US and Europe. There are many markets who need and want local operating partners.”
“There is not a one size fits all solution for first and last-mile mobility,” said David Touwsma, managing partner at EFOV. “The needs of each local market and entrepreneur are different, and we see the opportunity in being able to provide the individualized tools and support each may need to scale successful, profitable systems for their communities. Frog can provide all the tools including hardware, software and operational support that allow the partner to customize the solution that is right for their market. We also understand the importance of profitability for local operators and the need to offer multiple electric modes to help communities be less car centric and more people centric.”
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