Australian electric bike start-up Zoomo lands $16 million in capital, led by CEFC

The Driven

Australian electric bike startup Zoomp, formerly known as Bolt Bikes, has completed a successful funding round led by the Clean Energy Finance Corporation (CEFC) that will see $16 million in a combined equity and debt capital raise to expand into delivery vehicles.

The CEFC’s $7 million equity investment is being supported investment from South Korean venture firm Hana Ventures as well as existing investors Maniv Mobility and Contrarian Ventures. Venture debt from OneVentures and Viola Credit, completed the capital raise.

Bolt Bikes was founded in 2017 by ex-Deliveroo and Mobike executive Mina Nada and Michael Johnson but has been rebranded as Zoomo.

CEFC CEO Ian Learmonth said electrifying Australia’s light vehicle fleet is an crucial step in meeting Australia’s emissions reduction target, and that he believes Zoomo has global potential.

Australia’s transport sector produces 100 million tonnes of carbon emissions, accounting for 19% of Australia’s entire emissions, and the so-called last-mile sector focusing on food and goods deliveries is expected to grow by 78% by 2030, highlighting the opportunity to reduce carbon emissions in this sector.

“We welcome the exciting new branding that will transform Bolt to Zoomo, in what is a fresh start for an innovative Australian company,” Learmonth said..

To read the full version of this story – and view the photo gallery – on RenewEconomy’s electric vehicle dedicated site, The Driven, click here…

RenewEconomy and its sister sites One Step Off The Grid and The Driven will continue to publish throughout the Covid-19 crisis, posting good news about technology and project development, and holding government, regulators and business to account. But as the conference market evaporates, and some advertisers pull in their budgets, readers can help by making a voluntary donation here to help ensure we can continue to offer the service free of charge and to as wide an audience as possible. Thankyou for your support.

Bridie Schmidt is lead reporter for The Driven, sister site of Renew Economy. She specialises in writing about new technology, and has a keen interest in the role that zero emissions transport has to play in sustainability.

Get up to 3 quotes from pre-vetted solar (and battery) installers.