Bolt mobilityMiami-based microbeability startup, co-founded by Olympic gold medalist Usain Bolt, is expanding into 48 new markets after acquiring the assets of Last Mile Holdings.
The rise of Bolt Mobility and the demise of the Last Mile has bridged the uncertainty that plagued microbility companies in the last year in the form of a CORID-19 pandemic that, in some cases, was already on cremation ground.
Both the Bolt mobility and the last mile were negatively affected by the COVID-19 epidemic. For example, Bolt Mobility had to close in many markets in early 2020 due to an epidemic. After the company relaunched its business model and partnered with local operators, the company’s former GM VP Global Design Ed Wellborn joined as an advisor and added dual brakes, 10-inch wheels, LED lights, swappable Came with a new scooter equipped with a battery. 25-kilometer range and brake levers designed to get rid of these common contact points of germs and bacteria with their handlebars and nano leptic surfaces.
Last Mile Holdings also did not fare.
If Last Mile Holdings does not look familiar, the brand may be owned once. Last Mile was a holding company with Ojo electric scooters and Gochta Mobility with a portfolio of electric trikes, scooters and bikes. The company acquired Gotcha in a $ 12 million cash and stock deal that closed in March 2020.
With Bolt Mobility growing, its customer base hitting 300,000 users in 2020, Last Mile hits the headwinds. Last Mile Holdings, which traded on the Toronto Stock Exchange under Mile, sold its American assets at auction. Bolt Mobility substantially acquired all of the company’s assets for a $ 3 million credit bid, according to a filing at the end of the year.
The alternative assets, according to Bolt, include 8,500 new equipment, most (over 30) of which are exclusive contracts, including e-scooters, e-bikes, pedal bikes and sit-down cruisers, and licenses to operate in 48 new markets. Tzoumas. The 48 new markets include 18 university campuses.
“The acquisition represents a significant expansion for Bolt on all fronts,” Tzoumas said, adding that the company brought on former Gocha chief operating officer Matt Toulon, who will now serve as Bolt’s chief commercial officer, as well Together there were about 20 members, formerly a part of Gotcha’s technology and operations teams.
Riders in Bolt’s new markets will be able to access and use e-scooters, e-bikes and pedal bikes through the Gochta Mobility and Ojo Electric iOS and Android mobile apps. Bolt is working with cities and universities to move these markets to Bolt’s platform. The acquisition includes e-bikes on the Bolt platform for the first time. However, the company was already developing its own line of e-bikes that it plans to launch later this year.
Bolt credited his new business model with helping him survive and even succeed by 2020. Instead of continuing the complex and expensive work of fleet management and operations, Bolt decided to partner with local companies. These partners operate Fleet of bolts on the ground in each individual market. This customization approach allowed for a business partnership model in select markets where Bolt leased scooters to delivery workers, restaurants and other small businesses, the company said.
By July, Bolt and its partners were operating in five new or relaunched markets. Bolt also has a backlog of agreements with partners for an additional 20 markets that have been primed to complete the acquisition, according to the company.
Tzoumas said Bolt was able to execute the deal without any additional debt, and “under the conditions that we will continue to devote our resources to expanding and improving our services in all markets where we operate” . ” The acquisition was funded by Fuel Venture Capital, an existing Bolt investor. Bolt also has the support of Soffrey Capital and The Yucapa Companies.
Usain Bolt said in a statement, “We established Bolt because we consider microbeability as a movement that can change the way people live and move within their communities.” “This expansion proves that when you support the talented people, innovative technology, and the incredible work ethic of the Bolt team, it is anything but possible for microbeability.”