E-bike innovator Zoomo has secured $12 million from new and existing investors as they expand into new markets and invest in further innovation of its commercial use electric bike platform.
AirTree Ventures led the capital raise as a new investor, with follow-on support from existing investors the Clean Energy Finance Corporation (CEFC), Maniv Mobility and Contrarian Ventures, with new mobility and cleantech-focused US investors Winthrop Square and Wisdom VC joining the round.
The newest round of funding follows an $11 million Series A raise announced in August 2020, led by the CEFC. Cumulatively, Zoomo has raised $26 million 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 has had success supplying its vehicles to large fleet operators in the last mile delivery space and is seeing its fleet expand beyond 10,000 units globally.
Jackie Vullinghs, principal at AirTree Ventures said: “Supported by regulatory and cultural tailwinds, Zoomo is accelerating the electrification of global transport, starting with last-mile delivery. Its 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.”
Mina Nada, Zoomo CEO and co-founder, added: “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.”
Zoomo has also announced a number of new customer wins in the enterprise space, including up and coming on-demand grocery delivery companies, Getir, Gorillas and Dija, as well as Just Eat Takeaway. Zoomo also has a long-standing partnership with UberEats and Deliveroo.
“At Deliveroo we care deeply about protecting the environment and reducing our carbon footprint,” said Andy Batty, director of operations UKI, Deliveroo.
“That is why we are delighted to partner with Zoomo and give riders the opportunity to rent one of their fantastic electric bikes at a discounted rate. We know that riders are keen to make the switch to e-vehicles so this will be hugely welcome. This partnership is another important step towards delivering a low-carbon, sustainable future.”
Zoomo has also attracted US-based industry leaders to its advisory board, including Angela Strand, board member at Lordstown Motor, Aaron Bromberg, former CPO at Boosted Boards, Tom Valasek, former CCO at Genze eBikes, and Mark Chiusano, CEO of Cornucopia Logistics, LLC and Avant Business Services, investor and logistics innovator in the US.