Bolt Bikes Lands Funding, Rebrands as Zoomo
Bolt Bikes, the e-bike producer that’s targeted on the supply market and led by a former Deliveroo exec, introduced it landed an eight-figure funding designed to assist it broaden operations in america, whereas additionally shifting into new classes globally. Together with the capital elevate, the Australia-based startup can be rebranding with a brand new title, Zoomo.
The Australian Clear Vitality Finance Company (CEFC) led the capital elevate with a $5 million USD fairness funding. Fairness funding from Hana Ventures and current buyers Maniv Mobility and Contrarian Ventures, along with enterprise debt from OneVentures and Viola Credit score, accomplished the capital elevate.
Zoomo will use the capital to launch a flagship brick-and-mortar operation in Los Angeles and broaden its New York footprint to incorporate companies throughout the whole metropolis. The startup can be increasing into new classes, akin to parcel, mail and grocery deliveries. Zoomo additionally has operations in the UK and Australia.
“The U.S. market is essential for Zoomo’s development, and the funding will enable us to broaden our product lineup and bodily presence within the nation,” mentioned Mina Nada, CEO and Zoomo co-founder. “We’re dedicated to rising our operations to new American cities and states as rapidly as attainable.”
Since its U.S. launch in 2019, Zoomo has grown exponentially and supplied sustainable transportation for hundreds of American gig employees via partnerships with corporations akin to Uber Eats, DoorDash and Postmates.
Ido Vigdor, common accomplice at Viola Credit score, mentioned: “Final-mile supply has been rising immensely and we consider it’s going to proceed to take action. Mina and the crew have executed a superb job producing a compelling providing available in the market and constructing sturdy model recognition, which is why we at Viola Credit score and OneVentures are delighted to affix this spherical and supply the credit score funding that can help their effort to scale internationally.”
Usually, e-bikes are way more environment friendly than full-size cars, that are nonetheless the wheels underneath the vast majority of U.S. meal deliveries. As Meals On Demand covered in a recent story on the model previously often called Bolt, the corporate was expressly designed to keep away from the pitfalls, regulatory hurdles and financial boundaries holding third-party supply drivers depending on the car.
Zoomo’s enterprise mannequin additionally permits couriers to lease e-bikes weekly or to personal them outright.
“Zoomo is differentiated by our vertically built-in strategy. We provide good utility bikes via a bodily community of service facilities and world-class software program for a really inexpensive worth,” mentioned Nada.
Zoomo calculates that it has already enabled its courier prospects to make over 2 million deliveries globally, abating the equal of just about 3,000 tons of CO2 since 2017.
“We consider that the bike world is prepared for disruption and that in 5 to 10 years, mild electrical automobiles would be the predominant type of transportation,” Nada added. “Zoomo is taking the lead on this transformation.”