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Funding

Homegrown e-bike startup Zoomo pedals $16 million raise

- May 4, 2021 2 MIN READ
Zoomo Co-founders, Mina Nada & Michael Johnson1

Australian e-bike venture Zoomo has raised $16 million in a fresh round just eight months after a $16 million series A.

The new raise, led by AirTree Ventures as a new investor, also saw existing backers the Clean Energy Finance Corporation (CEFC), Maniv Mobility and Contrarian Ventures. Cleantech-focused US investors Winthrop Square and Wisdom VC also chipped in, taking the total raised in two years to $34 million as the startup looks to expand its global reach.

Zoomo currently operates in Sydney, Melbourne and Brisbane, four US cities and two in the UK.

The four-year-old venture, founded by a former Deliveroo executive and a Bain & Co consultant, rebrand from Bolt last August. It initially focused on supplying bikes to gig economy and delivery riders working for the likes of Uber Eats, Deliveroo, Doordash, DHL and Postmates, but is now targeting a broad commercial fleet market.

More recent customers include In addition to Getir, Gorillas and Dija in the 10-minute grocery sector, Menulog owner Just Eat Takeaway, plus Pizza Hut and Domino’s franchises.

A Zoomo e-bike

The bikes have a top speed of 28km/h and come in two models, priced at $2800 and $3000, as well as several refurbished older version costing between $900 and $1500. They can also be rented for $29-79 a week, or purchased in a rent-to-own program. They have a range of between 40km and 80km, depending on the model, with charges that last between 4 and 9 hours. It’s now supplied more than 10,000 globally.

The latest round will be used for the development and production of the brand’s next generation vehicle offerings as well as supporting global expansion focussed on large fleet operators involved in last mile delivery.

Zoomo CEO and co-founder Mina Nada said that while they initially built bikes to service the demands of gig workers in the food delivery industry.

“Their expectations for quality commercial vehicles, on demand service, flexible financing and tech enabled security features spurred us to innovate,” he said.

“We’re now seeing enterprises and fleet managers benefiting from the platform we have built. Enterprise fleet managers looking for clean and efficient vehicles are choosing us.”

AirTree Ventures principal Jackie Vullinghs said: “Their full stack offering from e-bikes and e-mopeds to finance, servicing and fleet management makes it easy for global food, grocery and logistics businesses to choose carbon neutral”.

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