E-bike start-up Zoomo shaping the future of the delivery economy
- Innovation Fund
- Low emissions
Sydney-based start-up, Zoomo is accelerating its expansion into new categories and locations, further electrifying Australia's light electric vehicle (LEV) fleet and increasing its presence in international markets, to decarbonise the delivery economy.
Operating as Bolt Bikes since 2017, the company has already dispatched more than one million food deliveries. Now rebranded as Zoomo, it is expanding its reach into parcel, mail and grocery deliveries.
The Zoomo e-bike has an innovative design and integration system which enables couriers to deliver packages with a smaller carbon footprint compared with deliveries made via delivery cars and vans which use internal combustion engines.
Rapid design improvements mean that LEVs will increasingly outpace cars and vans in the delivery of meals, post, parcels and groceries. LEVs are forecast to lead the charge in reducing emissions, with two and three-wheeled EVs predicted to abate more carbon emissions than standard/four-wheeled EVs until 2040.
Zoomo is differentiated by its vertically integrated approach. It offers smart utility bikes through a physical network of service centres and microfinance capability, enabled by software.
Consumers seeking cheap and convenient goods deliveries and gig workers seeking alternative incomes have boosted demand for fast, low-cost and sustainable delivery solutions. According to a report from the World Economic Forum, demand for urban last-mile delivery will grow by an estimated 78 per cent by 2030.
In Australia, Zoomo plans to expand operations in Melbourne and also launch a new base in Brisbane. In the US, the company plans to expand its New York base and launch new operations in Los Angeles.
The CEFC has invested $7 million in Zoomo, via the Clean Energy Innovation Fund as part of a $16 million combined debt and equity capital raise.
Equity investment from Korea’s Hana Ventures and existing investors Maniv Mobility and Contrarian Ventures, together with venture debt from One Ventures and Viola Credit, completed the capital raise.
In May 2021 Zoomo announced it had secured a second round of funding. Find out more here.
National, Transport, Innovation Fund, Low emissions