E-bike innovator Zoomo goes full throttle with extra $28m in Series B

Australian e-bike provider Zoomo has secured an extra US$20 million (AUD$28 million) for its Series B funding round, bringing the total amount raised to date to more than US$100 million (AUD$139 million).

The equity raise was led by top-tier US VC Collaborative Fund and consisted of strategic investors SG Fleet, Akuna Capital, MUFG Innovation Partners and WIND Ventures.

For Zoomo, founded by Sydney Young Entrepreneur Awards winners in the Trailblazer category Mina Nada and Michael Johnson, the additional $28 million adds to the $82 million already raised as part of its Series B.

It is a big vote of confidence for Zoomo, as Collaborative Fund has previously made investments in the likes of ride-share platform Lyft, digital fitness business WHOOP, and plant-based meat leader Beyond Meat.

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 it was founded in 2017, Zoomo has rapidly zipped into more than 16 cities in six countries across the world, backed by its unique fleet management and delivery solutions.

In a statement, Zoomo said it would use the additional funds to deepen its investment in core technologies, including new vehicle products and next-generation software.

Further, the investment will accelerate the company’s expansion into new cities and countries.

“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,” said Zoomo co-founder and CEO Mina Nada, who along with Johnson appeared in the 2021 Australia's Top 100 Young Entrepreneurs list.

“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.”