Bolt Bikes, the electrical bike platform marketed to gig economic system supply employees, has a brand new identify and a contemporary injection of $11 million in capital from a Collection A funding spherical led by Australian Clear Vitality Finance Company.
The spherical additionally included fairness from Hana Ventures and current traders Maniv Mobility and Contrarian Ventures, along with enterprise debt from OneVentures and Viola Credit score.
The Sydney, Australia-based startup that launched in 2017 is now known as Zoomo, a change that goals to higher mirror a buyer base that has expanded past gig economic system employees to incorporate company shoppers and on a regular basis shoppers. Mina Nada, co-founder and CEO of the newly named Zoomo, additionally instructed TechCrunch that he needed to make sure the corporate wouldn’t be confused by different equally named companies.
“After we arrange Bolt again in 2017, the identify was advantageous in Australia, however as we’ve gone worldwide we’ve come up in opposition to no less than three different firms known as Bolt, two of them within the mobility area,” Nada defined. On-demand transportation firm Taxify rebranded as Bolt in March 2019. One other firm referred to as Bolt Mobility supplies shared-scooter companies.
Zoomo, which has operations in Australia, the U.Okay., New York and shortly in Los Angeles, sells its electrical bikes or provides them as a subscription. Its main enterprise has been subscriptions for business use, which incorporates the electrical bike, fleet administration software program, financing and servicing. Subscribers get 24-hour entry to the bike. A battery charger, telephone holder, telephone USB port, safe U-Lock and security induction is included.
Zoomo has gross sales and repair facilities within the markets the place it provides subscriptions, which incorporates Sydney, New York and the U.Okay. The corporate plans to make use of the brand new funding to increase its subscription footprint — which implies including bodily gross sales and repair facilities — to Los Angeles and Brisbane in addition to inside New York.
The corporate’s technique is to slowly increase the place its subscription service is obtainable, whereas ramping up direct gross sales. The necessity for bodily areas limits how rapidly Zoomo can increase its subscription product. Promoting the bikes to firms and different customers permits the corporate to generate extra income, develop its geographic attain and construct model recognition because it slowly expands its extra capitally intensive subscription service.
Zoomo additionally plans to make use of the funding so as to add new company classes reminiscent of parcel, mail and grocery deliveries that its bikes can be utilized for in addition to different fashions higher fitted to particular person shoppers.