Zoomo plans to use the funds to expand into other countries. Here are the top-line bullets you need to know.
Zoomo, a provider of electric bike fleets and fleet management software, has raised $30M in a Series B round that drew participation from AirTree Ventures, ArcTern Ventures, and Clean Energy Finance Corporation, among others. It secured an additional $30M in debt financing from Viola Group.
HOW’S THE COMPANY PERFORMING?
- Australia-based Zoomo provides enterprises with electric bike fleets as well as fleet management software. The company also operates a B2C business, providing individual couriers with work vehicles suitable to their needs.
- The company states that its UK business has grown 7x since July 2020 and is likely to grow an additional 20x by the end of the year.
- Zoomo operates in the UK, the US, and Australia and has recently expanded into new cities within those markets, such as Manchester, Chicago, Valencia, Paris, and Stuttgart.
- The company’s customers include Domino’s, Pizza Hut, Amazon Wholefoods, UberEats, Doordash, JustEat Takeaway, and Deliveroo.
WHY DOES THE MARKET MATTER?
- The global electric cargo bikes market is expected to grow at a CAGR of 12% and reach a value of $1.1B by 2026, according to Expert Market Research.
- The key factors driving market growth are the rising focus on lowering CO2 emissions and the decreasing costs associated with the ownership of electric fleets.
- Micro-mobility technology for last-mile deliveries is increasingly being adopted to combat traffic congestion and support environmental initiatives.