Can You Get the E-bike of the Future for $20? Zoomo Co-Founder Thinks So
We just interviewed co-founder and COO of Zoomo Michael Johnson. We talk about Zoomo’s unique approach to getting people on quality bikes in a very affordable, open-ended subscription model.
You can check it out here or wherever you listen to podcasts.
My guest today is Michael Johnson, co-founder and COO of Zoomo, a company with a revolutionary business model that may help you, the consumer, get into an e-bike easier. Instead of trying to sell you a bike, you can lease it by the week, for as long as you want. They have plans for commuters, part-time couriers and even full-time couriers that start at $20 per week. They take care of all of the maintenance, security in case of theft, etc.
Because of their technology, they have what must be an industry-leading theft recovery rate of over 80%, compared to most bikes that have a recovery rate of about 5%.
Customers can buy the bikes if they like, with some of their lease payments going toward the purchase price.
The company also makes fleet bikes, for companies that want to buy or lease a large number of bikes.
They recently raised $12 million to expand their operation, and are already in Los Angeles, New York City, San Francisco, Philadelphia and Toronto so far.
It’s an interesting concept, and we go for a bit of a deep dive on what Zoomo has been up to for the past 4 years and where they and the industry might go.