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HomeAutoE-Bike Startup Zoomo Raises Extra $20 Million For European Expansion

E-Bike Startup Zoomo Raises Extra $20 Million For European Expansion


Zoomo can also be increasing its software program and {hardware} groups to develop new software program for purchasers and work on new bike varieties and equipment to hold extra weight.

Zoomo, a startup that designs and sells business grade e-bikes for on-line deliveries, stated on Tuesday it had raised an extra $20 million in its newest funding spherical to finance European growth and develop its software program and engineering groups.

That funding brings the Sydney, Australia-based startup’s Series B whole to $80 million and its whole financing to over $100 million. The newest spherical included investments from enterprise capital agency Collaborative Fund and buying and selling agency Akuna Capital.

Zoomo designs electrical bikes for gig employees delivering meals and groceries for a month-to-month price, or to massive fleets offering bikes to workers.

Its main clients embrace Uber’s Uber Eats, DoorDash, and Just Eat Takeaway.com NV, in an trade that prospered within the pandemic as dwelling deliveries soared.

The startup’s subscription companies begin at 40 kilos ($54) every week within the United Kingdom or $20 within the United States for heavy utilization of up 50,000 km (31,069 miles) per yr.

Zoomo expanded to pick cities in Germany, France and Spain final yr, and now plans fast additional development.

“We’re ready to really scale up aggressively across Europe,” Chief Executive Officer Mina Nada instructed Reuters.

Nada stated Zoomo can also be increasing its software program and {hardware} groups to develop new software program for purchasers and work on new bike varieties and equipment to hold extra weight.

“Our customers want to increase their order size in dollars and for us that literally means larger load sizes,” he stated.

Carrying extra weight must also assist Zoomo department out into bundle supply, Mina stated.

“We know FedEx, UPS and Amazon are racking up millions of dollars in parking fines for double parking in Manhattan,” he stated.

“They’re all itching to shift as much of their fleet onto smaller form factors that are greener, faster and more affordable.”

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(This story has not been edited by NDTV employees and is auto-generated from a syndicated feed.)

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