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With $11 million in fresh capital, Bolt Bikes rebrands to Zoomo – TechCrunch

With $11 million in fresh capital, Bolt Bikes rebrands to Zoomo – TechCrunch 2020-09-01Leave a comment

electrical bike With $11 million in contemporary capital, Bolt Bikes rebrands to Zoomo – TechCrunch

Bolt Bikes, the electrical bike platform marketed to gig economic system supply staff, has a brand new identify and a contemporary injection of $11 million in capital from a Collection A funding spherical led by Australian Clear Power Finance Company.

The spherical additionally included fairness from Hana Ventures and present traders Maniv Mobility and Contrarian Ventures, along with enterprise debt from OneVentures and Viola Credit score.

The Sydney, Australia-based startup that launched in 2017 is now known as Zoomo, a change that goals to higher replicate a buyer base that has expanded past gig economic system staff to incorporate company shoppers and on a regular basis shoppers. Mina Nada, co-founder and CEO of the newly named Zoomo, additionally advised TechCrunch that he needed to make sure the corporate wouldn’t be confused by different equally named companies.

“Once we arrange Bolt again in 2017, the identify was tremendous in Australia, however as we’ve gone worldwide we’ve come up towards at the very least three different corporations known as Bolt, two of them within the mobility house,” Nada defined. On-demand transportation firm Taxify rebranded as Bolt in March 2019. One other firm often called Bolt Mobility gives shared-scooter companies.

Zoomo, which has operations in Australia, the U.Okay., New York and shortly in Los Angeles, sells its electrical bikes or affords them as a subscription. Its main enterprise has been subscriptions for industrial use, which incorporates the electrical bike, fleet administration software program, financing and servicing. Subscribers get 24-hour entry to the bike. A battery charger, cellphone holder, cellphone USB port, safe U-Lock and security induction is included.

Zoomo has gross sales and repair facilities within the markets the place it affords subscriptions, which incorporates Sydney, New York and the U.Okay. The corporate plans to make use of the brand new funding to broaden its subscription footprint — which implies including bodily gross sales and repair facilities — to Los Angeles and Brisbane in addition to inside New York.

The corporate’s technique is to slowly broaden the place its subscription service is obtainable, whereas ramping up direct gross sales. The necessity for bodily areas limits how rapidly Zoomo can broaden its subscription product. Promoting the bikes to companies and different customers permits the corporate to generate extra income, develop its geographic attain and construct model recognition because it slowly expands its extra capitally intensive subscription service.

Zoomo additionally plans to make use of the funding so as to add new company classes akin to parcel, mail and grocery deliveries that its bikes can be utilized for in addition to different fashions higher fitted to particular person shoppers.

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