Designer and seller of commercial grade electric bikes through subscription models Zoomo announced having raised an extra $20 million from its latest financing round. The company will be using the cash to finance its expansion in Europe and grow its software and engineering teams.
This financing round brings the company’s total Series B financing to $80 million and the total financing to $100 million. Among the investors who participated in the funding round include; trading company Akuna Capital and venture capital firm Collaborative fund.
The Australia based company designs electrics bikes for gig workers delivering food and groceries for a monthly subscription fee or to large fleets providing bikes to their employees.
The subscription fee starts at $54 per week in the UK or $20 in the U.S for heavy usage of up to 50,000 km/31,069 miles per year.
The company’s chief executive officer, Mina Nada, says they expended to selected cities in Spain, France and German last year.
“We’re ready to really scale up aggressively across Europe. Our customers want to increase their order size in dollars and for us that literally means larger load sizes,” added the CEO.