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Bolt Bikes Raises US$11M to Supercharge E-bike Business and Rebrand to Zoomo

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Bolt Bikes Raises US$11M to Supercharge E-bike Enterprise and Rebrand to Zoomo

NEW YORK–()–Bolt Bikes, the mobility startup, as we speak introduced it has accomplished a Collection A capital increase of US$11 million to put money into increasing its operations in america and transfer into new classes globally. Together with the capital increase, the Australia-based startup can be asserting a rebrand with a brand new title, Zoomo, and a brand new brand.

The Australian Clear Power Finance Company (CEFC) led the capital increase with a US$5 million fairness funding. Fairness funding from Hana Ventures and present buyers Maniv Mobility and Contrarian Ventures, along with enterprise debt from OneVentures and Viola Credit score, accomplished the capital increase.

Zoomo will use the capital to launch a flagship brick-and-mortar operation in Los Angeles and develop its New York footprint to incorporate providers throughout your complete metropolis. The startup can be increasing into new classes, corresponding to parcel, mail and grocery deliveries.

The US market is essential for Zoomo’s development, and the funding will permit us to develop our product lineup and bodily presence within the nation,” mentioned Mina Nada, CEO and Zoomo co-founder. “We’re dedicated to rising our operations to new American cities and states as shortly as attainable.” Zoomo additionally has operations in the UK and Australia.

Since its US launch in 2019, Zoomo has grown exponentially and offered sustainable transportation for hundreds of American gig staff via partnerships with corporations corresponding to Uber Eats, DoorDash and Postmates.

Ido Vigdor, Basic Associate at Viola Credit score, mentioned: “Final-mile supply has been rising immensely and we consider it would proceed to take action. Mina and the workforce have carried out a superb job producing a compelling providing available in the market and constructing sturdy model recognition, which is why we at Viola Credit score and OneVentures are delighted to hitch this spherical and supply the credit score funding that can assist their effort to scale internationally.”

Zoomo’s e-bikes are an environment friendly and sustainable supply automobile and an inexpensive different for American gig staff and the supply financial system. Greater than 57 million Americans take part within the gig financial system, both via their main or secondary jobs. However many discover the price of autos, together with e-bikes, a barrier to enter the market. Zoomo’s enterprise mannequin permits couriers to hire e-bikes weekly or to personal them outright.

Zoomo is differentiated by our vertically built-in method. We provide sensible utility bikes via a bodily community of service facilities and world-class software program for a really inexpensive worth,” mentioned Nada.

Backing the long run

E-bikes are additionally one of many cleanest choices for last-mile supply. Zoomo calculates that it has already enabled its courier clients to make over 2 million deliveries globally, abating the equal of just about 3,000 tons of CO2 since 2017.

The lead investor for the Collection A is the CEFC, which is liable for investing $10 billion on behalf of the Australian Authorities to speed up Australia’s sustainable transition to decrease emissions.

Ian Learmonth, CEFC CEO, mentioned: “Electrifying Australia’s gentle automobile fleet is a crucial step in assembly our emissions discount goal. Essential to that is the event of applied sciences, techniques and insurance policies that allow sustainable city freight. Zoomo is an thrilling Australian firm with an revolutionary enterprise mannequin that may ship that on a world scale.”

For Mina Nada, e-bikes are the long run. “We consider that the bike world is prepared for disruption and that in 5 to 10 years, gentle electrical autos would be the predominant type of transportation. Zoomo is taking the lead on this transformation.”

About Zoomo

Based in 2017 by Mina Nada (former Deliveroo and Mobike government) and Michael Johnson (former Bain & Co guide), Zoomo provides sensible utility e-bikes via revolutionary financing from a quickly rising bodily community of service facilities. At present working in Australia, america and the UK, Zoomo provides accessible, sustainable and environment friendly options for the booming supply sector, with unrivalled options and providers, together with automobile upkeep and 24/7 buyer assist.

In regards to the CEFC

The CEFC has a singular function to extend funding in Australia’s transition to decrease emissions. With the backing of the Australian Authorities, we make investments to steer the market, working with business rigor to deal with a few of Australia’s hardest emissions challenges – in agriculture, power technology and storage, infrastructure, property, transport, and waste. We’re additionally proud to again Australia’s cleantech entrepreneurs via the Clear Power Innovation Fund, and put money into the event of Australia’s hydrogen potential via the Advancing Hydrogen Fund. With $10 billion to speculate on behalf of the Australian Authorities, we work to ship a optimistic return for taxpayers throughout our portfolio.

About One Ventures and Viola Credit score Ventures fund

Sydney-headquartered enterprise agency OneVentures Pty Ltd. has partnered with Viola Credit score, the expansion and enterprise lending arm of Israel-based Viola Group, to launch an $80 million enterprise credit score fund that can present enterprise funding for high-growth expertise corporations within the Australian market.

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