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

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

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Electric bike start-up Bolt Bikes rebrands as Zoomo and raises $16 million as it seeks to capture growing last-mile delivery market.

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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…

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