The Australian startup, Zoomo, which manufactures e-bikes for deliveries has been able to raise an additional 20 million dollars in equity funds from the market. This makes the total raised funding of the group to be at 101.5 million dollars.
The company is said to use the fund majorly for the expansion of the fleet and its software development. The company will also be expanding and hiring globally and investing in vehicle management offerings that benefit its customers, mechanics, and riders. The company is investing in developing a new end-user app- Mina Nada.
The brand is known for its high-performance e-bikes: the Zoomo One. It has seen the expansion of its business in 16 cities across 6 countries of the USA, Europe, and Asia with France, Spain, and Germany adding to the list last year. The startup also claimed that business for them has grown by 20 times and its revenues were up by 4 times in 2021, though the exact figures and comparisons were not given by them.
The Zoom Bikes are available at a subscription of $20 to $35 per week in the USA, which includes support and servicing. The offer price is cheaper when the worker is in partnership with any of the app-based deliveries like DoorDash or UberEats.
The company claims that last year was a transformative year for them that saw its business increase as its customers recognized the benefits of its innovative platform. The company plans to take the business many notches up in 2022 where every delivery completed on Zoomo electric vehicles will be supported by its Zoomo ecosystem.
The company credits its expansion to its investors which was a collaborative fund with Akuna Capital, Wind ventures, and MUFG Innovation partners joining in.