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Zoomo lands $16m funding round
LegalVision has advised OneVentures on its investment in Zoomo.
Tony Zhang
Firm: LegaVision (OneVentures).
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Value: $16 million.
Deal: LegalVision has advised OneVentures on its venture debt investment in Zoomo, formerly Bolt Bikes.
Area: Venture capital.
Key players: The LegalVision team was led by Jill McKnight (practice leader), who was supported by Madeleine Hunt (senior lawyer).
Deal significance: The venture debt investment by OneVentures and Viola Credit was taken in conjunction with a $16 million equity round that was led by the Australian Clean Energy Finance Corporation (CEFC).
“As cities around the world are now accelerating their investment in making roads safer for cyclists, Zoomo is [well placed] to continue building their brand and establish themselves as world-class e-bike leaders,” Ms McKnight said.
“It was a pleasure to assist OneVentures with their investment during such economic uncertainty. Their support behind [fast-growing] tech companies ensures that Australia’s innovation remains competitive.”
LegalVision advised on all Australian legal aspects of the OneVentures’ investment.
The CEFC’s $7 million equity investment is being supported by 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.
“Zoomo’s rapid growth in the competitive last-mile delivery space is a testament to their innovative business model. The mobility sector is undergoing significant transformation globally right now. Zoomo has seized on this opportunity and their business metrics speak for themselves” Nick Gainsley, principal at OneVentures added.
“Jill and the LegalVision team have been a pleasure to work with. They have great venture debt expertise and have a wealth of experience in the technology start-up/scale-up space.”
Zoomo is an Australian start-up that sells and rents electric bikes on a subscription basis. The micromobility company has operations in Australia, the UK, New York and soon in Los Angeles. The capital injection will fuel the growth of its subscription offering, including adding physical sales and service centres worldwide. The start-up is also expanding into new categories, such as parcel, mail and grocery deliveries.
