Bolt Bikes is an electric bicycle platform for LTL economic transportation workers. It has a new name and has received a round of financing led by Australian Clean Energy Finance Corporation (Australian Clean Energy Finance Corporation), injecting 11 million Australian dollars in new funds.
This round of financing also includes the equity of Hana Ventures and existing investors Maniv Mobility and Contrarian Ventures, as well as the risky debt of OneVentures and Viola Credit.
The start-up company established in Sydney, Australia in 2017 is now called Zoomo. This change aims to better reflect that the scope of the customer base has expanded from gig economy workers to corporate customers and daily consumers. Mina Nada, the co-founder and CEO of the newly named Zoomo, also told TechCrunch that he wants to make sure that the company will not be confused by other similarly named companies.
Nada explained: “When we founded Bolt in 2017, the name was very good in Australia, but as we go international, we have encountered at least three other companies called Bolt, two of which are in the mobile sector.” On-demand transportation company Taxify changed its name to Bolt in March 2019. Another company called Bolt Mobility provides shared scooter services.
Zoomo, which has operations in Australia, the UK, New York, and Los Angeles soon, sells its electric bikes or offers them as subscriptions. Its main business is subscriptions for commercial purposes, including electric bicycles, fleet management software, financing and services. Subscribers can use bicycles for 24 hours. Including battery charger, phone holder, phone USB port, safety U-lock and safety sensing device.
Zoomo has sales and service centers in the markets where it offers subscriptions, including Sydney, New York and the United Kingdom. The company plans to use the new funds to expand its subscription coverage, which means adding physical sales and service centers in Los Angeles and New York. Brisbane and New York State.
The company’s strategy is to gradually expand its direct sales while expanding the scope of orders. The need for physical location limits the speed at which Zoomo can expand subscription products. By selling bicycles to the company and other users, as the company gradually expands its capital-intensive subscription service, it can generate more revenue, expand geographic coverage, and build brand awareness.
Zoomo also plans to use the funds to add new company categories, such as package, mail, and grocery delivery, which can be used on its bicycles and other models that are more suitable for individual consumers.