Global e-bike innovator Zoomo raises $60m international growth funding

Zoomo, a global manufacturer of electric last mile delivery vehicles, has announced it has secured a $60m capital raise led by Australian VC Grok Ventures, to accelerate its goal to transition every urban delivery mile to light electric vehicles (e-bikes, e-cargo, e-moped).

Zoomo is the only light electric vehicle company in the world that provides a one-stop shop of fleet management and delivery solutions, integrating vehicles, software, servicing and finance to provide an innovative end-to-end platform.

Grok Ventures led the equity raise as a new investor. Grok is the investment office of Atlassian Co-Founder Mike Cannon-Brookes and his wife Annie. Grok was 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. Viola Credit is part of Viola Group, which is an Israel-based tech-focused investor with $3bn in assets under management.

The debt facility will allow Zoomo to grow its customers base, by removing the need for upfront, lump-sum payments on bikes and instead allow them to pay a monthly subscription fee. The facility is highly scalable giving Zoomo room to rapidly grow its fleet.

Mike Cannon-Brookes, Principal at Grok Ventures said, “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.”

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,” said Mina Nada, Co-Founder & CEO at Zoomo.

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