Total amount raised
$399.6 Millions
Latest funding date
6/1/2024
Location
Zum has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The company offers comprehensive student transportation services, leveraging advanced technology to ensure safety and efficiency.
Keep reading to explore the intricacies of Zum's fundraising journey and the investors backing this innovative platform.
What Is Zum?
Zum, founded on February 1, 2015, by Ritu Narayan and Vivek Garg, is headquartered in Redwood City, California. The company specializes in providing safe and efficient child transportation services for school districts and busy families.
With a workforce of 101-250 employees, Zum leverages advanced technology to offer flexible transportation options. Their services include a network of highly vetted drivers, scheduling, routing, and tracking technology to ensure reliability and safety.
Zum's mission is to modernize student transportation, making it accessible and efficient for all. Their innovative approach has positioned them as a leader in the industry, continually expanding their reach and impact.
How Much Funding Has Zum Raised?
- Seed Round
- Amount Raised: $2.5M
- Date: February 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop the initial technology platform.
- Series A
- Amount Raised: $5.5M
- Date: August 2017
- Lead Investors: Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand service offerings and scale operations.
- Series B
- Amount Raised: $19M
- Date: March 2018
- Lead Investors: Spark Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and increase market reach.
- Series C
- Amount Raised: $44M
- Date: February 2019
- Lead Investors: BMW i Ventures, Spark Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand into new regions.
- Series D
- Amount Raised: $130M
- Date: October 2021
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: $930M
- Motivation Behind the Round: To scale operations and enhance AI capabilities.
- Grant
- Amount Raised: $26.6M
- Date: January 2024
- Lead Investors: U.S. Environmental Protection Agency
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support sustainability initiatives and electric vehicle integration.
- Series E
- Amount Raised: $140M
- Date: January 2024
- Lead Investors: GIC
- Valuation at Round: $1.3B
- Motivation Behind the Round: To expand AI-driven technology and electric vehicle fleet.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: April 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and technological advancements.
- Grant
- Amount Raised: $32M
- Date: June 2024
- Lead Investors: U.S. Environmental Protection Agency
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further sustainability efforts and electric vehicle deployment.
Total Amount Raised: $399.6M. Current Valuation: $1.3B.
Key Investors
- U.S. Environmental Protection Agency
- Details: The U.S. Environmental Protection Agency (EPA) is a federal agency responsible for protecting human health and the environment. It provides grants and funding to support environmental initiatives and sustainability projects.
- Investment Focus Areas: Environmental protection, sustainability, public health.
- Notable Investments: Focuses on grants and funding for environmental projects rather than traditional investments.
- Sequoia Capital
- Details: Sequoia Capital is a venture capital firm that invests in early and growth-stage companies. It has a strong track record of backing successful technology startups.
- Investment Focus Areas: Technology, healthcare, consumer services.
- Notable Investments: Apple, Google, WhatsApp.
- GIC
- Details: GIC is a sovereign wealth fund established by the Government of Singapore. It focuses on long-term investments across various sectors globally.
- Investment Focus Areas: Real estate, private equity, infrastructure.
- Notable Investments: Alibaba, Airbnb, SpaceX.
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is a venture capital fund that invests in technology-driven companies. It is known for making large-scale investments in innovative startups.
- Investment Focus Areas: Technology, artificial intelligence, robotics.
- Notable Investments: Uber, WeWork, ByteDance.
- BMW i Ventures
- Details: BMW i Ventures is the venture capital arm of BMW Group. It invests in high-potential startups in the mobility and transportation sectors.
- Investment Focus Areas: Mobility, transportation, sustainability.
- Notable Investments: ChargePoint, RideCell, Xometry.
What's Next for Zum?
Zum's future looks promising as it continues to expand its AI-powered platform to more school districts, enhancing efficiency and sustainability. With a valuation of $1.3 billion and services already in major U.S. cities, the potential for growth is substantial. The company aims to increase the adoption of its electric vehicle fleet, transforming school transportation into a tool for environmental change.
Future fundraising opportunities are likely, given the successful Series E round. Additional funding could help scale operations and enhance technology. However, challenges such as competition, operational complexities, and regulatory issues may arise. Despite these hurdles, Zum's focus on AI and sustainability positions it well for continued success.
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