E-Bike Maker Zoomo Raises Another $20M to its Series B Funding

Zoomo, 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). The additional funds bring the total funding raised to date to over US $100 million, a combination of both equity and debt.

Collaborative Fund led the round as a new investor. Collaborative is a New York based VC fund which has made investments in household names such as Lyft, Whoop and Beyond Meat.

Additionally, the round was joined by strategic investors including the VC arm of Mitsubishi UFJ, one of Japan's major conglomerates; SG Fleet, Australia's leading provider of integrated mobility solutions; WIND Ventures, the VC arm for COPEC, one of Latin America's most forward-leaning energy and mobility companies; and Akuna Capital, a leading trading firm with an active venture arm offering patient capital to tech and tech-enabled companies.

The contribution from strategic investors is a first for Zoomo and marks the start of a number of beneficial partnerships and initiatives for the business across a number of international markets.

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+ 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."

"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."

Craig Shapiro, Founder and Managing Director at Collaborative Fund, said: "We're thrilled to be partnering with the Zoomo team. Delivering small packages and meals in a four-thousand-pound vehicle is inefficient and costly - both for customers and the environment. Zoomo is simply better for all stakeholders. E-bikes are just the beginning in Zoomo's vision towards powering the future of logistics. We can't wait to see more Zoomo vehicles in the cities all around us."