Sydney, Australia-based electric bike platform Bolt Bikes has rebranded to Zoomo in August 2020 along with obtaining US$ 11M in capital from a Series A funding round, led by Australian Clean Energy Finance Corporation and participation from Hana Ventures and existing investors Maniv Mobility and Contrarian Ventures, also with venture debt from OneVentures and Viola Credit.
Capital raised will be used to expand its subscription business of bikes in various other regions that include Los Angeles, Brisbane and New York.
The startup was launched in 2017 by Mina Nada, who has formerly worked in Deliveroo and Mobike Executive, and Michael Johnson, previously a part of Bain & Co. It is now called Zoomo, a transformation aiming to echo the expansion in its customer base from temporary workers to corporate clients and common people. CEO Mina Nada stated that the name change was also done to ensure that the startup is not confused with similarly-named businesses.
Nada went on to quote, “When we set up Bolt back in 2017, the name was fine in Australia, but as we’ve gone international we’ve come up against at least three other companies called Bolt, two of them in the mobility space.”
Zoomo, which runs in Australia, the U.K., New York sells electric bikes or offers them to its customers on a subscription basis. Its main business involves subscriptions for commercial use, which comprises the electric bike, fleet management software, financing and servicing. Subscribers can keep the bike for a period of 24-hours. A battery charger, phone holder, phone USB port, secure U-Lock and safety induction is included with the bike. The startup is currently moving forward with a strategy to expand in places where it will begin offering subscription services which will help increase direct sales. Selling the bikes to corporations and other users is a way to generate more revenue, expand its geographic reach and popularize its brand.
The startup also plans to use the funding to add new commercial categories that its bikes can be used for, like parcel, mail and grocery deliveries, in addition to models well-matched for individual consumers.
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