We recently reviewed the Zoomo Sport eBike on techAU and now the Australian born Zoomo has some big news to share. Zoomo has secured a AU$16 million funding round from new and existing investors, led by Aussie VC fund, AirTree (@airtreevc). AirTree are building a name for themselves as funding innovative companies like Canva, Drone Deploy and now Zoomo with its commercial use electric bike platform.
The newest round of funding follows a Series A raise of AU$16 million announced back in August 2020, taking the total to a staggering AU$34M raised 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 rapidly expand beyond 10,000 units globally.
AirTree Ventures led the capital raise as a new investor, with strong 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.
“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”.
Jackie Vullinghs, Principal at AirTree Ventures
Zoomo offer a range of high-quality LEV (light electric vehicles) which includes e-Bike, e-Moped and e-Cargo options. The company is the brain child of 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. Zoomo currently operates in:
- Australia: Sydney, Melbourne, Brisbane
- US: San Francisco, Los Angeles, New York and Philadelphia
- UK: London and Liverpool
Companies are seeking to electrify their fleets
Companies are increasingly setting big, public targets to go green, electrifying delivery fleets as part of this commitment to reduce carbon emissions. Research has shown that businesses have the potential to reduce CO2 emissions by 75 percent by switching deliveries from vans to e-bikes.
Further championing the uptake of e-bikes is the wave of new companies emerging in the on-demand grocery delivery sector (10-15 minute order-to-door delivery) including rapid growth brands, and Zoomo customers, Getir, Gorillas and Dija.
This services segment alone is seeing a $14bn rise globally since the beginning of the pandemic and is enabled entirely by efficient transport modes like e-bikes.