Jumo, the Australian startup that makes e-bikes and offers micromobility subscriptions to gig workers and couriers, wants to be the next disruptive electric vehicle company. The startup just announced a $60 million Series B fundraise it aims to use to change the way companies look at last-mile delivery.
“We really see ourselves disrupting Rivian,” Jumo CEO and co-founder Meena Nada told Nerdshala. Rivian – an electric vehicle startup that is building an electric SUV and an electric pickup truck – it went public last week at an estimated valuation of $90 billion. “We think it doesn’t make sense to have 90% of deliveries of two kilograms of burgers in the United States done in 2-ton vehicles. And we really think that this is going to be basically a Jumo vehicle in the future.”
Half of Jumo’s $60 million comes from equity led by Grok Ventures, Skip Capital and Arkaturn Ventures, and backed by Airtree Ventures, Clean Energy Finance Corporation, Contrarian Ventures and Maniv Mobility. NADA says the equity will be invested directly in the platform, which includes software and servicing networks.
The other half comes from Viola Group’s asset-backed loans, which the startup will use to grow its hardware in existing and new markets. The company is already operating in Australia, the United Kingdom and the United States, and has recently expanded to new cities in those markets, such as Manchester, UK and Chicago, Illinois, as well as Valencia in Spain, Paris in France. and in Stuttgart in Germany. , The loan will allow Jumo to pay for the monthly subscription on its bike instead of paying one lump sum.
Nada says that many of Jumo’s existing customers have asked the company to expand after being unable to find others to meet their needs in those markets, so more cities for startups are on the horizon.
Jumo’s business is broken up into B2B and B2C elements. The startup provides fleet management software as well as fleets of electric bikes (and in some markets, mopeds) to enterprise customers like Domino’s. It also deals directly with couriers, often through partnerships with gig worker platforms like DoorDash, who want a flexible, durable work vehicle at an affordable price. Zumo offers gig workers a weekly subscription, which includes servicing, for anywhere from $20 per week to $49 per week.
“People are realizing that we cannot hit zero emissions just by continuing to electrify vehicles, and sizing the form factor right is a win-win for everyone,” Nada said. “It’s more efficient, there’s faster food delivery with fewer crowds. Couriers can make more money because they can make more deliveries per hour, and customers are happier because deliveries come more quickly. We really value micromobility.” We see the traditional four-wheel space being disrupted, and we’re pretty much focused right now on the fact that no micromobility company is doing a really good job for the logistics space, even though some good companies are in the consumer market. Doing a good job. Location.”
Jumo says its vehicles are built for couriers who have to ride for eight hours per day, complete with large batteries that can carry a worker on late night slogs during rain.
“Safety is a really big feature for them, so is durability,” said Nada, whose lineage includes Deliveroo, Bolt Bikes, Bain and Mobike. “We have customers traveling 50,000 kilometers per year on a single bike, so the delivery requirements are really quite different by consumer location.”
US companies like URB-E and velove Sweden is also trying to address the last-mile delivery space, but they are focusing more on container deliveries that can also accommodate mid-miles than food deliveries, which Jumo is currently offering. specializes in. That said, with this funding round, Zumo is looking to begin development of lighter vehicles to address parcel delivery and other urban last-mile form factors.
“Fundamentally, this money allows us to build product muscle in our team to better research the needs of our customers,” Nada said. “We are building out the product team so that we are now able to conduct customer research to ensure that we are repeating our success in new areas.”
Direct-to-consumer delivery from microfilament centers is becoming increasingly popular as more purchases are made online. NADA says the best way for faster delivery is to place those fulfillment centers closer to the customer and deliver on a smaller form factor like e-bikes. But different customers will have different requirements which may require different form factors down the line.
“What we’re building is a company that’s going to be able to offer those different form factors to a wide variety of customers on top of our platform of software, servicing and financing,” Nada said.