Quite a few startups are doing extremely well even in oversaturated segments, which is quite difficult to do so due to tough competition from numerous rivals. Mobility is one such category and the Sydney, Australia-based startup Bolt Bikes is bolting ahead. The startup has announced the expansion of its rental electric-bike service to the UK and the US. The news comes soon after the company secured €2.25 million in a seed round that was led by some notable investors.
Funding details
Bolt Bikes is different than your average electric bike rental platform in the sense that it is specifically aimed towards gig economy delivery workers. It has been working on differentiating itself and was recognised in the latest funding round that is lead by Maniv Mobility, former executives of Deliveroo, Mobike and Bain & Co. Founders of the startup are Mina Nada, former Deliveroo and Mobike executive, and Michael Johnson, a former executive of Mobike and Bain & Company.
US and UK startups, watch out for Bolt Bikes!
While most startups target a general audience for maximising subscriptions and increasing revenue, Bolt Bikes decided to do something unique. The company offers its solutions with subscriptions that are specifically tailored for gig workers, along with full maintenance and ongoing customer support. Bolt will offer commercial e-grade bikes in London which are claimed to reduce delivery times of gig economy workers by up to 30 percent.
The company is also launching its services simultaneously in San Francisco, before expanding to other cities. After the latest expansion, Bolt Bikes now operates in Sydney, Melbourne, San Francisco and London.
Mina Nada, CEO and Co-founder of Bolt says, “Being in the food delivery industry since its inception, we saw that Light Electric Vehicles were the real future of ‘last mile’ logistics, yet no-one was offering the right vehicle, financing or maintenance solution. We are proud to be serving the real needs of delivery couriers while building the logistics infrastructure of the future.”
Subscription service for e-bikes
As mentioned above, Bolt Bikes offers a subscription service to its users. While one can buy their bikes as well, the more popular option is renting their electric bike for €35 per week. Additionally, one also gets access to fleet management software, financing and servicing. Those who subscribe to the service will have 24-hour access to the bike, along with phone holder, a battery charger, phone USB port, secure U-Lock and safety instructions. There’s also one week free trial for first time Bolt Bike users.
Main image picture credits: Bolt Bikes
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