Zoomo, an Australia-based e-bike subscription start up, said it has raised $60 million in Series B funding led by Grok Ventures, the investment office of Atlassian Co-Founder Mike Cannon-Brookes.
Grok was joined by Skip Capital, the investment office of Atlassian’s other Co-Founder Scott Farquhar, as well as global CleanTech investor, ArcTern Ventures.
The Series B round which was heavily oversubscribed, also saw strong follow-on support from its existing investors including AirTree Ventures, the Clean Energy Finance Corporation (CEFC), Contrarian Ventures and Maniv Mobility.
The round was also supported by a ground-breaking asset backed debt facility for e-bikes, built and provided by long term partners Viola Credit and OneVentures.
Zoomo said in a statement it will use the funds to expand its operations into new cities and countries, deepen software integration with its customers, and finalize development of the firm’s next-generation vehicles.
This will mean an enhanced offering to the brand’s existing and future customers, customers who have already expressed their appreciation for Zoomo’s cutting-edge electric vehicle solutions, it added.
The funding will also strengthen Zoomo’s goal of electrifying commercial delivery fleets, a critical step in meeting emissions reduction targets.
As world leaders continue to explore paths to net zero emissions, it said, light electric vehicles have emerged as a sustainable option that is disrupting the traditionally pollutive transportation sector.
“If we want to decarbonize our world, transportation needs to change. Zoomo is an incredible Aussie start-up taking this on. They’re greening delivery and transforming logistics on a global scale,” said Mike Cannon-Brookes, Principal at Grok Ventures.
According to the statement, the efficiency afforded by light and agile vehicles means the industry can fundamentally reimagine how mobility looks in major cities, particularly in regards to the rapidly growing delivery sector. Zoomo is enabling the next wave of on-demand delivery while reducing city congestion.
Zoomo Co-Founder and Chief Executive Officer Mina Nada said, as countries all around the world grapple with achieving net-zero carbon emissions, they are realizing that electrifying cars is only part of the answer.
“We need more efficient and sustainable form factors – light electric vehicles (EVs). Delivery companies are re-evaluating their fleet composition and are embracing the power of the pedal to marry cost efficiencies with environmental sustainability,” she said.
“Today’s funding round underscores the tremendous potential of Zoomo e-bikes for delivery use. Zoomo is excited to bring on some world leading investors like Grok, ArcTern and Skip Capital to support our incredible growth and share in our vision to make e-bikes the default way of moving things around our cities,” she added.
Founded by ex-Deliveroo and Mobike executive Mina Nada and his former Bain colleague Michael JohnsonZoomo, Zoomo is a full-service micromobility platform for delivery. Its vertically integrated platform encompasses custom delivery-oriented e-bikes, plus a servicing and maintenance network, a software platform for asset management and telematics and finance offerings. It currently operates in Australia, the United States, the United Kingdom and Europe.
Zoomo claimed itself as the only light electric vehicle company in the world that provides a one-stop shop of fleet management and delivery solutions, integrating vehicles, software, servicing and finance to provide an innovative end-to-end platform.
“We are delighted to deepen our partnership with Zoomo on this important mission of reducing carbon footprint globally and are keen to support their global fleet expansion as they enter their next phase of growth,” said Ido Vigdor, General Partner at Viola Credit.