Jumo designs electric bikes for gig workers to deliver food and groceries for a monthly fee, or for large fleets that provide bikes to employees. The latest round included investments from venture capital firm Collaborative Fund and trading firm Akuna Capital.
see photosJumo expanded into Germany, France and Spain last year, and is now planning further rapid growth.
Jumo, a startup that designs and sells commercial-grade e-bikes for online delivery, said Tuesday it has raised an additional $20 million in its latest funding round to finance European expansion and grow its software and engineering teams. Have gathered. The funding brings the Sydney, Australia-based startup’s Series B total to $80 million and its total funding to more than $100 million. The latest round included investments from venture capital firm Collaborative Fund and trading firm Akuna Capital.
Jumo designs electric bikes for gig workers to deliver food and groceries for a monthly fee, or for large fleets that provide bikes to employees. Its major customers include Uber’s Uber Eats, DoorDash and Just Eat Takeaway.com NV, in an industry that has prospered in the pandemic, such as home delivery. The startup’s subscription services start at £40 ($54) per week in the United Kingdom or $20 to 50,000 km (31,069 mi) per year in the United States for heavy usage.
Jumo is also expanding its software and hardware teams to develop new software for customers and is working on new bike forms and accessories to lift more weight.
Jumo expanded to select cities in Germany, France and Spain last year, and is now rapidly planning further growth. “We are ready to grow really aggressively across Europe,” chief executive Mina Nada told Reuters. Nada said Jumo is also expanding its software and hardware teams to develop new software for customers and is working on new bike forms and accessories to lift more weight. “Our customers want to increase their order size in dollars and for us that literally means bigger load sizes,” he said.
Carrying more weight should help the Jumo branch with package delivery, Meena said. “We know that FedEx, UPS and Amazon are raking in millions of dollars in parking fines for double parking in Manhattan,” he said. “They’re all itching to move their fleet to smaller form factors that are greener, faster and more affordable.”
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