Zoomo wins $20m in Series B funding

Australian e-cargo-bike suppliers Zoomo has raised US $20 million in equity in a Series B funding round. This follows the company raising $60m in equity and debt in November, and takes its total funding to $101.5 million.

With the investment, Zoomo aims to hiring more team members and investing into more fleet and vehicle management offerings for mechanics and customers. It also plans to develop an end-rider app, and continuing the development and roll-out of its Zoomo One e-cargo-bike.

In the US, Zoomo offers its e-cargo-bikes to riders on a lease for between $20-$35 a week in a fee that includes servicing and support. Through certain delivery companies like Doordash and Uber Eats, the lease is often cheaper thanks to arrangements between them and Zoomo. It also provides fleets to large companies.

Zoomo was founded in 2017 and has expanded to six countries across North America, Europe and the Asia Pacific.

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…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.”

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