Bolt Bikes has completed a Series A capital raise of $11 million to expand its operations in the US.
The startup has also announced a rebrand with a new name, Zoomo, and a new logo.
The Australian Clean Energy Finance Corporation (CEFC) led the capital raise with a $5 million equity investment. It was completed with equity investment from Hana Ventures and existing investors Maniv Mobility and Contrarian Ventures, together with venture debt from OneVentures and Viola Credit.
Zoomo will use the capital to launch a flagship brick-and-mortar operation in Los Angeles and expand its New York footprint. The startup is also expanding into new categories, such as parcel, mail and grocery deliveries. Zoomo also has operations in the UK and Australia.
“The US market is critical for Zoomo’s growth, and the investment will allow us to expand our product lineup and physical presence in the country,” said Mina Nada, CEO and Zoomo co-founder. “We’re committed to growing our operations to new American cities and states as quickly as possible.”
Ido Vigdor, general partner at Viola Credit, said: “Last-mile delivery has been growing immensely and we believe it will continue to do so. Mina and the team have done an excellent job producing a compelling offering in the market and building strong brand recognition, which is why we at Viola Credit and OneVentures are delighted to join this round and provide the credit funding that will support their effort to scale internationally.”
Nada added: “Zoomo is differentiated by our vertically integrated approach. We offer smart utility bikes through a physical network of service centers and world-class software for a very affordable price.”
Read the August issue of BikeBiz below: