Zoomo, a leader in last-mile delivery e-bikes and e-trikes, announced a $20 million addition to its Series B funding round to “further disrupt the logistics space and transition every urban delivery mile to light electric vehicles (LEVs),” according to a release from the company.
The additional funds bring the total funding raised to date by Zoomo to more than $100 million, a combination of capital from both equity and debt.
Zoomo will use the additional capital infusion to deepen its investment in core technologies, including new vehicles and next-generation software, according to the company. The investment also will help accelerate Zoomo’s expansion into new cities and countries and enable recruitment opportunities globally, according to the company statement.
New York-based venture capital investor Collaborative Fund, which led the Series B round as a new investor, has funded such companies as Lyft, Whoop, and Beyond Meat. Other strategic investors joined in: the venture-capital (VC) arm of Mitsubishi; SG Fleet, the Australian provider of integrated mobility solutions; WIND Ventures, the VC arm of COPEC, the Latin American energy and mobility company; and Akuna Capital, a firm that provides capital to technology and tech-enabled companies.
Since its business was founded in 2017, Zoomo has expanded its operational presence to 16 cities in six countries across the world, according to the company release. Zoomo’s fleet-management and delivery solutions have allowed the business to supply its vehicles—e-bikes, e-trikes and e-mopeds—to gig workers and large fleet operators in the burgeoning last-mile delivery space.
In 2021, Zoomo overall grew four times globally and launched in three new countries. Zoomo’s enterprise business also grew 20 times globally, according to the company.
The rapid delivery market (less than 30 minutes) continues to grow exponentially, with consumer expectations for delivery shortening by the minute, according to Zoomo. This growth has proven to be a significant tailwind, according to Zoomo, as it helps transition last-mile delivery from larger fuel-burning vehicles to LEVs. Zoomo’s end goal is to help in the acceleration to net-zero through the conversion of every urban delivery mile to light-electric vehicles.
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. The series B-plus 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.”
He added: “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.”