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Bolt Bikes Raises US$11M to Supercharge E-bike Business and Rebrand to Zoomo

Bolt Bikes Raises US$11M to Supercharge E-bike Business and Rebrand to Zoomo 2020-08-31Leave a comment

Bolt Bikes Raises US$11M to Supercharge E-bike Enterprise and Rebrand to Zoomo

NEW YORK–()–Bolt Bikes, the mobility startup, as we speak introduced it has accomplished a Sequence A capital increase of US$11 million to spend money on increasing its operations in america and transfer into new classes globally. Together with the capital increase, the Australia-based startup can also be saying a rebrand with a brand new identify, Zoomo, and a brand new brand.

The Australian Clear Vitality Finance Company (CEFC) led the capital increase with a US$5 million 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 increase.

Zoomo will use the capital to launch a flagship brick-and-mortar operation in Los Angeles and develop its New York footprint to incorporate companies throughout all the metropolis. The startup can also be increasing into new classes, resembling parcel, mail and grocery deliveries.

The US market is essential for Zoomo’s development, and the funding will enable us to develop 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 doable.” Zoomo additionally has operations in the UK and Australia.

Since its US launch in 2019, Zoomo has grown exponentially and offered sustainable transportation for hundreds of American gig employees by way of partnerships with corporations resembling Uber Eats, DoorDash and Postmates.

Ido Vigdor, Normal Companion at Viola Credit score, mentioned: “Final-mile supply has been rising immensely and we consider it should proceed to take action. Mina and the group have executed a wonderful job producing a compelling providing out there and constructing robust model recognition, which is why we at Viola Credit score and OneVentures are delighted to hitch this spherical and supply the credit score funding that can help their effort to scale internationally.”

Zoomo’s e-bikes are an environment friendly and sustainable supply car and an reasonably priced various for American gig employees and the supply financial system. Greater than 57 million Americans take part within the gig financial system, both by way of their major or secondary jobs. However many discover the price of autos, together with e-bikes, a barrier to enter the market. Zoomo’s enterprise mannequin permits couriers to lease e-bikes weekly or to personal them outright.

Zoomo is differentiated by our vertically built-in method. We provide sensible utility bikes by way of a bodily community of service facilities and world-class software program for a really reasonably priced worth,” mentioned Nada.

Backing the longer term

E-bikes are additionally one of many cleanest choices for last-mile supply. Zoomo calculates that it has already enabled its courier clients to make over 2 million deliveries globally, abating the equal of just about 3,000 tons of CO2 since 2017.

The lead investor for the Sequence A is the CEFC, which is liable for investing $10 billion on behalf of the Australian Authorities to speed up Australia’s sustainable transition to decrease emissions.

Ian Learmonth, CEFC CEO, mentioned: “Electrifying Australia’s mild car fleet is a crucial step in assembly our emissions discount goal. Essential to that is the event of applied sciences, methods and insurance policies that allow sustainable city freight. Zoomo is an thrilling Australian firm with an revolutionary enterprise mannequin that may ship that on a worldwide scale.”

For Mina Nada, e-bikes are the longer term. “We consider that the bike world is prepared for disruption and that in 5 to 10 years, mild electrical autos would be the predominant type of transportation. Zoomo is taking the lead on this transformation.”

About Zoomo

Based in 2017 by Mina Nada (former Deliveroo and Mobike government) and Michael Johnson (former Bain & Co advisor), Zoomo gives sensible utility e-bikes by way of revolutionary financing from a quickly rising bodily community of service facilities. At the moment working in Australia, america and the UK, Zoomo gives accessible, sustainable and environment friendly options for the booming supply sector, with unrivalled options and companies, together with car upkeep and 24/7 buyer help.

Concerning the CEFC

The CEFC has a novel function to extend funding in Australia’s transition to decrease emissions. With the backing of the Australian Authorities, we make investments to guide the market, working with industrial rigor to handle a few of Australia’s hardest emissions challenges – in agriculture, vitality era and storage, infrastructure, property, transport, and waste. We’re additionally proud to again Australia’s cleantech entrepreneurs by way of the Clear Vitality Innovation Fund, and spend money on the event of Australia’s hydrogen potential by way of the Advancing Hydrogen Fund. With $10 billion to speculate on behalf of the Australian Authorities, we work to ship a optimistic return for taxpayers throughout our portfolio.

About One Ventures and Viola Credit score Ventures fund

Sydney-headquartered enterprise agency OneVentures Pty Ltd. has partnered with Viola Credit score, the expansion and enterprise lending arm of Israel-based Viola Group, to launch an $80 million enterprise credit score fund that can present enterprise funding for high-growth expertise corporations within the Australian market.

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