Zeelo closes £4.25m funding round to support expansion plans
Zeelo, a shared mobility service, has closed a £4.25m funding round.
The round was led by sustainability investor ETF Partners, with participation from current investors InMotion Ventures, Jaguar Land Rover’s mobility venture arm, Dynamo, as well as angel investors including Michael Liebreich and Liam Griffin.
The investment will be used to further establish Zeelo as the market leader in the UK and expand operations in Africa and other new regions.
Founded in London in early 2017, Zeelo provides a personalised shared mobility service for underserved areas using superior data analytics and exceptional service.
The Zeelo platform integrates with an executive vehicle fleet of over 20,000 high quality coaches across the UK in order to serve demand.
Patrick Sheehan, of ETF Partners, said: “There is a paradigm shift in the world of mobility which is driven by technological evolution, changing consumer tastes and, underlying all this, climate change.
“People increasingly recognise the attraction of shared mobility alternatives to private car ownership in cities.
“The Zeelo team identified the opportunity to provide better transportation to millions of people outside major cities and are already doing a great job of delivering these new services. We are delighted to support them on their journey.”
Zeelo will use the investment to develop its technology, data and automation and will also invest in new vehicle technologies, on-board experience and drivers in partnership with its coach operators.
The company is aiming to launch new verticals beyond the existing ZeeloCOMMUTE, ZeeloEVENTS and ZeeloPRIVATE verticals.
Zeelo co-founders Barney Williams, Sam Ryan and Dani Ruiz sold their previous startup, JumpIn, a taxi booking and sharing app, to Addison Lee in 2014 while still at university.
Sam Ryan added: “We’ve seen a profound change in the way people move in major cities over the last 10 years - more personal, more affordable; but those outside of these cities, the people who really need better transportation options, have been overlooked and remain completely reliant on their car.
“Our customer-centric approach delivers a transportation service with a route that’s more direct, a timetable that’s more convenient, a service that is more environmentally friendly and, fundamentally, modes of transportation that allow people to make more of their travelling time, whether for work or pleasure.
“We are very pleased to have ETF on board and are certain they will help us make an impact and achieve our next stage of growth.”
The UK is set to leave the EU on 31 October 2019. Are you preparing for Brexit? Complete the North East Growth Hub and Tees Valley Business Compass’ 3-minute survey →