E-bike startup Zoomo raises extra $20 million for European expansion

LONDON: Zoomo, a startup that designs and sells commercial grade e-bikes for online deliveries, said on Tuesday it had raised an additional $20 million in its latest funding round to finance European expansion and grow its software and engineering teams.
That funding brings the Sydney, Australia-based startup’s Series B total to $80 million and its total financing to over $100 million. The latest round included investments from venture capital firm Collaborative Fund and trading firm Akuna Capital.
Zoomo designs electric bikes for gig workers delivering food and groceries for a monthly fee, or to large fleets providing bikes to employees.
Its major customers include Uber’s Uber Eats, DoorDash, and Just Eat Takeaway.com NV, in an industry that prospered in the pandemic as home deliveries soared.