E-bike innovator Zoomo has secured $12 million from existing and new investors, led by Australian VC, AirTree, as they expand into new markets and invest in further innovation of its commercial use electric bike platform.
The newest round of funding follows a $11M USD million Series A raise announced in August 2020. In total, Zoomo has raised $26M USD in the past 24 months.
Zoomo will use the funds to invest in the development and production of the brand’s next generation vehicle offerings as well as supporting global expansion to satisfy customer demand. Zoomo sees its fleet rapidly expand beyond 10,000 units globally.
Zoomo currently operates in Australia, the U.S. and the UK.
Mina Nada, Zoomo CEO and co-founder said: “We initially built our products 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. 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.”
Jackie Vullinghs, Principal at AirTree Ventures, adds: “Supported by regulatory and cultural tailwinds, Zoomo is accelerating the electrification of global transport, starting with last mile delivery. 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.”
Zoomo was founded in 2019 by ex-Deliveroo and Mobike executive, Mina Nada, and his former Bain colleague, Michael Johnson took their side hustle full time in 2019 with a mission to turn the world’s delivery fleets electric using E-Bikes.