Global utility e-bike innovator Zoomo accelerates growth by adding another $20M to its Series B funding round
Zoomo, the world leader for electric last-mile delivery vehicles, announced a $20 million addition to its Series B funding round to further disrupt the logistics space and transition every urban delivery mile to light electric vehicles (LEVs). The additional funds bring the total funding raised to date to over US $100 million, a combination of both equity and debt.
Collaborative Fund led the round as a new investor. Collaborative is a New York based VC fund which has made investments in household names such as Lyft, Whoop and Beyond Meat. Additionally, the round was joined by strategic investors including the VC arm of Mitsubishi UFJ, one of Japan’s major conglomerates; SG Fleet, Australia’s leading provider of integrated mobility solutions; WIND Ventures, the VC arm for COPEC, one of Latin America’s most forward-leaning energy and mobility companies; and Akuna Capital, a leading trading firm with an active venture arm offering patient capital to tech and tech-enabled companies.
The contribution from strategic investors is a first for Zoomo and marks the start of a number of beneficial partnerships and initiatives for the business across a number of international markets.
Since the business was founded in 2017, Zoomo has expanded its operational presence to 16 cities in 6 countries across the world. Zoomo’s unique fleet management and delivery solutions have allowed the business to successfully supply its vehicles (e-bikes, e-mopeds) to both gig-workers and large fleet operators in the burgeoning last-mile delivery space.
In 2021, Zoomo overall grew 4X globally and launched in 3 new countries. Zoomo’s enterprise business also grew 20X globally.
The rapid delivery market (<30 mins) continues to grow at an exponential rate globally, with consumer expectations for delivery shortening by the minute. This growth has proven to be a significant positive tailwind for Zoomo, as it leads the transition in last-mile delivery from gas guzzling, two-tonne vehicles to highly efficient, economical and environmentally friendly LEVs. Zoomo’s ultimate goal is to accelerate the transition to net-zero through the conversion of every urban delivery mile to light-electric vehicles.
Zoomo will use the additional funds to deepen its investment in core technologies, including new vehicle products and next-generation software. Furthermore, the investment will help accelerate Zoomo’s expansion into new cities and countries and enable exciting opportunities for recruitment across the business globally.
Mina Nada, Co-Founder and CEO at Zoomo, said: “2021 was a transformative year for Zoomo, as we saw enterprises and fleet managers, in addition to gig-workers, benefit from our innovative platform. 2022 is the year we take the business up a gear. The series B+ surplus funding will enable us to grow more aggressively across the globe, and ultimately put more efficient, safe and clean transport solutions on our roads.”
“At Zoomo, we see a world within the next decade where every last-mile delivery will be completed on a light electric vehicle supported by the Zoomo ecosystem. Our investors will help bring us one step closer to making this a reality.”
Craig Shapiro, Founder and Managing Director at Collaborative Fund, said: “We’re thrilled to be partnering with the Zoomo team. Delivering small packages and meals in a four thousand pound vehicle is inefficient and costly – both for customers and the environment. Zoomo is simply better for all stakeholders. E-bikes are just the beginning in Zoomo’s vision towards powering the future of logistics. We can’t wait to see more Zoomo vehicles in the cities all around us.”
The financial backing underscores widespread investor support for Zoomo’s vision to build safer, more efficient and cleaner cities where LEVs are accessible to all. By offering a one-stop shop of fleet management and delivery solutions that integrates vehicles, software, servicing and finance, Zoomo is making it easier for delivery companies and couriers to embrace a green alternative.