Smart buses platform that offers private bus and shuttle transit programmes to bus operators, businesses, and schools has raised $14 million in a new Series. A secures $14M to scale in the US Extension round of funding. secures $14M to scale in the US.
A Boston-based family office and IREON Ventures, the CVC arm of Motor Oil Hellas, joined an undisclosed European growth equity investor, FlatzHoffmann, in the new investment.
Zeelo currently intends to quicken sales and US operations on the East and West coasts while also focusing on its technological infrastructure.
A company representative noted that this transaction is an equity-based extension rather than a Series B or growth equity round.
The company expects to recruit US lead investors for its next stage of development based on its growth in the US.
Swvl, a firm with Egyptian roots that offers shared transport options for both intercity and intracity travel, laid off 50% of its remaining staff last year.
It may have been caused by the SPAC merger’s subsequent 99% stock decline.
However, although though Swvl consented to cancel the acquisition of Zeelo, it had previously agreed to a $5 million convertible promissory note for the company, which Zeelo was able to keep.
secures $14M to scale in the US
Before all of that, Zeelo raised $19.6 million from angel investors and investors including ETF Partners and InMotion Ventures. The complete funding plan as of this point .
The company raised $1.6 million at pre-Seed and $6 million at Seed. Series A part 1 cost $12 million, followed by the aforementioned Series.
Sam Ryan, Co-Founder and CEO of Zeelo, told me the company was “thrilled” when it was able to secure the Series A extension, especially in the present market, following a turbulent 2022.
However, the underlying growth of the economy has been really strong even through last year. secures $14M to scale in the US.
What has been driving the business, I questioned him? In essence, the lack of public transport choices in the US and the rising expense of living are to blame.
Our thrives in areas with little access to public transport and high vehicle dependence. Many of our clients work in industries like manufacturing, distribution.
And warehousing where many employees lack access to cars. Outside of London, it’s a significant problem, but it affects pretty much everyone.
In the US, he continued, there is a sizable and ready market for this approach despite the sporadic competition: “On a deal by deal basis, we rarely bump against anybody.
Although there is significant competition, the market is huge, so everything is up for grabs.
In a statement, Christopher Hoffmann
, Partner at FlatzHoffmann, added: “Zeelo is a unique and established mobility operator with a strong US expansion push.
It combines a solid basis for transit technology with a distinct sustainability goal. Sam Ryan, co-founder and CEO of Zeelo, after a turbulent 2022.
Before all of that, Zeelo raised $19.6 million from angel investors and investors including ETF Partners and InMotion Ventures. The complete funding plan as of this point is.
The company raised $1.6 million at pre-Seed and $6 million at Seed. Its Series A part 1 cost $12 million, followed by the previously mentioned $14 million Series A extension.
With a total of $33.6 million raised, that brings the Series A total to $19.6 million.
Zeelo now has a second headquarters outside of the UK in Boston, Massachusetts, and its co-founders Sam Ryan and Barney Williams have moved entirely there.
It currently has agreements with Fidelity and a few other significant, undisclosed business clients.
Before all of that, Zeelo raised $19.6 million from angel investors and investors including ETF Partners and InMotion Ventures. The complete funding plan as of this point is.
The company raised $1.6 million at pre-Seed and $6 million at Seed. Its Series A part 1 cost $12 million, followed by the previously mentioned $14 million Series A extension.
With a total of $33.6 million raised, that brings the Series. A total to $19.6 million. secures $14M to scale in the US.
secures $14M to scale in the US
Zeelo now has a second headquarters outside of the UK in Boston. Massachusetts, and its co founders Sam Ryan and Barney Williams have moved entirely there.
It currently has agreements with Fidelity and a few other significant, undisclosed business clients.
What has been driving the business, I questioned him? In essence, the lack of public transport choices in the US and the rising expense of living are to blame.
Our firm… thrives in areas with little access to public transport and high vehicle dependence. Many of our clients work in industries like manufacturing, distribution.
And warehousing where many employees lack access to cars. It’s a significant problem outside of London, but outside of Manhattan, it affects pretty much everyone.
The demand according to him bigly increas when fuel prices. Increased, because employees were becoming noisier about the cost of their car.
The US market is sizable and open, he continued, despite the patchy competition.
