April 22, 2024

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eBike Startup Zoomo Notches $60M in Funding

Australian electric bike startup Zoomo has raised $60 million in Series B funding, according to a Monday (Nov. 15) report from Tech Crunch.  

Zoomo provides monthly subscriptions of bike rentals in the U.K., France and Australia, as well as New York City, Philadelphia, Jersey City, San Francisco and Los Angeles. Geared for delivery riders, bikes can be rented by anyone, according to the company. In addition to the bike rental itself, subscriptions include a battery charger, a lock, maintenance and customer support. 

The fund drive was comprised of stocks led by Grok Ventures, Skip Capital and ArcTern Ventures, with support from AirTree Ventures, Clean Energy Finance Corporation, Contrarian Ventures and Maniv Mobility, according to a report from California News Times. The remaining 50% of the $60 million funding came from asset-backed debt from the Viola Group. Funds will be invested in the company’s software and service networks.

Zoomo’s business caters to B2B and B2C customers, according to Tech Crunch. Zoomo provides fleets of electric bikes, in addition to fleet management software, to companies such as Domino’s. Zoomo also works directly with gig workers such as delivery drivers for DoorDash.  

Using bikes for delivery is a notion that London-based Jiffy is furthering with its promise of grocery store delivery within 15 minutes, according to PYMNTS. In September, the company raised $28 million in a funding round aimed at broadening the reach of the grocery delivery service. 

See also: Grocery Delivery Service Jiffy Nets $28M in Funding 

Earlier this year, California-based URB-E raised $5 million in seed funding to bolster its high-tech delivery container business, according to PYMNTS. URB-E uses bike-pulled carts in place of trucks in congested urban areas. Aimed at cutting emissions and increasing delivery efficiency, URB-E’s 20 folded containers can fit into a single parking space, the company said previously. 

Read more: Final-Mile Frenzy Has Retailers, Restaurants Vying For Same Delivery Providers

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NEW PYMNTS DATA: THE 2021 HOLIDAY SHOPPING OUTLOOK

About: It’s almost go time for the holiday shopping season, and nearly 90% of U.S. consumers plan to make at least some of their purchases online — 13% more than did in 2020. The 2021 Holiday Shopping Outlook, PYMNTS surveyed more than 3,600 consumers to learn what is driving online sales this holiday season and the impact of product availability and personalized rewards on merchant preference.

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