Aussie e-bike Zoomo raises $80M to accelerate transition to light electric vehicles, led by Mike Cannon-Brookes’s Grok Ventures

Zoomo is an Aussie e-bike company and back in April I had the chance to review their latest bike, the Zoomo Sport. Now Zoomo is looking to grow the...

Zoomo is an Aussie e-bike company and back in April I had the chance to review their latest bike, the Zoomo Sport.

Now Zoomo is looking to grow the company further, today announcing a series B funding round worth around A$80 million (USD $60 million). With this funding, Zoomo hopes to accelerate its goal to transition every urban delivery mile to light electric vehicles (e-bikes, e-cargo, e-moped).

The funding round was led by Australian VC Grok Ventures which happens to be the investment office of Atlassian Co-Founder Mike Cannon-Brookes and his wife Annie. Grok. They were joined by Skip Capital, the investment office of Atlassian’s other Co-Founder Scott Farquhar, as well as global CleanTech investor, ArcTern Ventures.

The Series B round was heavily oversubscribed and saw strong follow-on support from existing investors, AirTree Ventures, the Clean Energy Finance Corporation (CEFC), Contrarian Ventures and Maniv Mobility.

The round was also supported by a ground-breaking asset-backed debt facility for e-bikes, built and provided by long term partners Viola Credit and OneVentures.

What Zoomo offers is fairly unique, offering consumers (and businesses) the choice between buying the product outright and getting into an eBike cheaply with a subscription service. This offers a one-stop-shop of fleet management and delivery solutions with many of their bikes offering racks on the back to support payloads consistent with urban courier work. Zoomo really offer the whole stack including the software, security, servicing and logistics around delivery and pickup of bikes for a really innovative end-to-end platform.

Zoomo is already an official partner of Uber Eats which entitles riders to get discounts on weekly rent of the bike, discounted accessories including helmets, delivery bags, spare batteries and more.

While Zoomo is scaling its fleet, and range of bikes (currently 7), Zoomo hopes the funding will help rapidly grow the numbers in its fleet and don’t be surprised if you start to see them in many more locations.

Customers at the core

Zoomo will use the funds to expand its operations into new cities and countries, deepen software integration with its customers, and finalise development of Zoomo’s next-generation vehicles.

This will mean an enhanced offering to the brand’s existing and future customers, customers who have already expressed their appreciation for Zoomo’s cutting-edge electric vehicle solutions.

“Our Zoomo e-bike fleet is critical to enabling our rapid grocery delivery promise. Not only have we found Zoomo the most advanced partner for enabling our vehicle scale-up, but the bikes are the favourites amongst our couriers as well.”

Alberto Menolascina, General Manager UK at Gopuff

“At Domino’s, our delivery service is fuelled by innovation, technology and a commitment to sustainability. By adopting Zoomo e-bikes we are committing to a more sustainable delivery fleet, one that reduces our environmental footprint while helping to drive internal efficiencies like lowering service costs and broadening our hiring pool.”

Zane Zappacosta, Managing Director of one of the largest Domino’s Franchisees in Australia 

Cleaner, greener path

The funding will strengthen Zoomo’s goal of electrifying commercial delivery fleets, a critical step in meeting emissions reduction targets. As world leaders continue to explore paths to net zero emissions, light electric vehicles have emerged as a sustainable option that is disrupting the traditionally pollutive transportation sector.

“If we want to decarbonise our world, transportation needs to change. Zoomo is an incredible Aussie start-up taking this on. They’re greening delivery and transforming logistics on a global scale.”

Mike Cannon-Brookes, Principal at Grok Ventures

The efficiency afforded by light and agile vehicles means the industry can fundamentally reimagine how mobility looks in major cities, particularly in regards to the rapidly growing delivery sector. Zoomo is enabling the next wave of on-demand delivery whilst reducing city congestion.

“As countries all around the world grapple with achieving net-zero carbon emissions, they are realising that electrifying cars is only part of the answer. We need more efficient and sustainable form factors – light EVs. Delivery companies are re-evaluating their fleet composition and are embracing the power of the pedal to marry cost efficiencies with environmental sustainability.

Today’s funding round underscores the tremendous potential of Zoomo e-bikes for delivery use.

Zoomo is excited to bring on some world leading investors like Grok, ArcTern and Skip Capital to support our incredible growth and share in our vision to make e-bikes the default way of moving things around our cities.” 

Mina Nada, Co-Founder & CEO at Zoomo.

“We are delighted to deepen our partnership with Zoomo on this important mission of reducing carbon footprint globally and are keen to support their global fleet expansion as they enter their next phase of growth.”

Ido Vigdor, General Partner at Viola Credit
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Creator of techAU, Jason has spent the dozen+ years covering technology in Australia and around the world. Bringing a background in multimedia and passion for technology to the job, Cartwright delivers detailed product reviews, event coverage and industry news on a daily basis. Disclaimer: Tesla Shareholder from 20/01/2021
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