Bolt Bikes, the electrical bike platform marketed to gig economy shipment employees, has a new name and a fresh injection of $11 million in capital from a Series A funding round led by Australian Tidy Energy Financing Corporation.
The round also included equity from Hana Ventures and existing investors Maniv Mobility and Contrarian Ventures, together with venture debt from OneVentures and Viola Credit.
The Sydney, Australia-based start-up that launched in 2017 is now called Zoomo, a change that aims to better reflect a customer base that has actually expanded beyond gig economy workers to consist of everyday consumers and corporate clients. Mina Nada, co-founder and CEO of the newly named Zoomo, likewise informed TechCrunch that he wished to ensure the company would not be confused by other likewise named companies.
“When we established Bolt back in 2017, the name was fine in Australia, however as we have actually gone global we have actually come up against at least three other business called Bolt, 2 of them in the mobility area,” Nada discussed. On-demand transport company Taxify rebranded as Bolt in May 2020. Another company known as Bolt Movement supplies shared-scooter services.
Zoomo, which has operations in Australia, the U.K., New York and soon in Los Angeles, offers its electrical bikes or uses them as a subscription. Its main company has been subscriptions for business usage, which includes the electric bike, fleet management servicing, funding and software application. Subscribers get 24-hour access to the bike. A battery charger, phone holder, phone USB port, safe and secure U-Lock and security induction is included.
Zoomo has sales and service centers in the markets where it uses subscriptions, that includes Sydney, New york city and the U.K. The company prepares to utilize the brand-new financing to broaden its membership footprint– which indicates adding physical sales and service centers– to Los Angeles and Brisbane as well as within New york city.
The company’s strategy is to slowly expand where its subscription service is used, while ramping up direct sales. The need for physical places restricts how rapidly Zoomo can broaden its membership product. Offering the bikes to corporations and other users allows the business to produce more profits, grow its geographic reach and construct brand recognition as it gradually broadens its more capitally extensive subscription service.
Zoomo also prepares to use the financing to include brand-new business classifications such as parcel, grocery and mail deliveries that its bikes can be used for along with other designs much better fit for specific consumers.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.