What about those who bike for a living? Maniv and Zoomo unpack the gig-economy.
The pandemic sparked a cycling revolution with far-reaching impact. But while most of the attention has focused on how consumers are increasingly buying bikes and ebikes, what about people who bike for a living?
Meir from the Maniv team recently spoke with Mina Nada, CEO of Zoomo (fka Bolt Bikes) — they unpacked the gig-economy and its evolution, how early-stage mobility start-ups are attracting investment, and the rise of bikes and ebikes from a consumer and commercial perspective.
Here are some highlights from their conversation:
Starting out
"Zoomo started as a side-hustle, it was me trying to hit KPIs as a GM at Deliveroo— a company from the UK where 90% of delivery are done on bikes. Sydney, on the other hand, is hilly and less dense, meaning that the majority of the delivery workers used cars and those who rode bikes were really slow."
"Between 2015 and 2017 couriers on ebikes were killing it. They were the most efficient so I kept pushing to have more ebikes on our fleet at Deliveroo. But, we came across two problems: traditional ebikes weren't fit for purpose as couriers require extensive battery range and these ebikes didn't have the proper safety features for riding at night or in the rain. On top of that they were really heavy and frankly unaffordable when it came to maintenance."
"I pitched the idea internally at Deliveroo and they rejected it based on the fact that it was too capital intensive. That's why we ended up doing it ourselves by founding Zoomo in 2017."
The battle of the gig-economy
"I think it's easy to argue for giving workers more money and more rights in an environment of plenty. But, in the current pandemic environment with really high unemployment, I don't know if there's going to be the political will to pursue Uber and Lyft on these fronts, and the rest of the delivery economy as well. If regulations do pass, it would be a bit of a Pyrrhic victory, if this actually leads to even lower employment and people were resorting back to taxis and the old school way of doing things."
Attracting VC investment
"The reality is that some VCs are only trying to find the next Facebook, the next Google, and that's obviously hard to do. Savvy investors are realizing that there's a huge movement in the electrification of mobility and that it makes sense to electrify smaller vehicles. I believe that within five years there will be more light electric vehicles on streets than electric cars and VCs will try to pick those winners."
"Don't let the perfect get in the way of the good, move fast, score goals, and remember that unit economics matter. We're in a post-WeWork world where you can't just hope that you're going to loose money all through to an IPO. Grow revenue fast with solutions that suit customers' needs while proving that there are profitable unit economics."
Micromobility in a post pandemic world
"You're going to see people rediscovering cycling and just how efficient it is, how fun it is, how exhilarating it can be — but most important, how quick it is to move around. Then, you can have the speed of two wheels and none of the sweat with an ebike. I think that there's going to be a segment of people moving from their cheap bikes to something that they spend a little more money on, but serves to move them around.”
“On the personal mobility side, I have so many friends who now ride bikes for fun, including myself. I never actually rode a bike— forget about an ebike— until the pandemic hit, and today I spend more time on Strava than I do on Facebook."
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This article is based on Episode 1 of the Anything that Moves podcast. Check it out on Spotify, Apple Podcast, Google Podcasts, or wherever you listen to podcasts.
Maniv Mobility is a global venture capital fund investing exclusively in leading mobility startups. Our growing portfolio is made up of early-stage, disruptive startups committed to a new mobility future. With decades of experience in the mobility, transportation, and policy sectors, Maniv’s ecosystem includes a global network of experts and industry leaders — allowing us to closely partner with startups and drive better outcomes.
Learn more about Maniv Mobility or get in touch at maniv.com
