Zoomo raises $60M in Series B funding
E-bicycle subscription startup Zoomo recently raised $60 million in its Series B round of funding. Half of the capital comes from a round of equity funding led by Grok Ventures, Skip Capital and ArcTern Ventures, along with participation from AirTree Ventures, Clean Energy Finance Corporation, Contrarian Ventures and Maniv Mobility. The other half comes from asset-backed debt from Viola Group.
The company plans to utilise the funding into scaling its platform, scaling its hardwares, and geographical expansion.
“People are realizing we can’t hit zero emissions by continuing to just electrify vehicles, and right-sizing the form factor is a win for everybody,” said Zoomo co-founder and CEO Mina Nada. “It’s more efficient, there are faster food deliveries with less congestion. Couriers can make more money because they can do more deliveries per hour, and customers are happier because the deliveries come more quickly. We really see micromobility disrupting the traditional four-wheeled space, and we are heavily focused right now on the fact that no micromobility company is doing a really good job for the logistics space, even though there’s some cool companies doing a good job in the consumer space.”
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