Redwood City, California-based school transportation firm Zum has raised $130 million in Series D funding led by Softbank Vision Fund 2, with participation from existing investors including Sequoia and BMW i Ventures.
Zum stated it will use the new capital to expand its service across new markets and districts while adding new electric vehicles so it will have a fleet of 10,000 electric-only vehicles by 2025.
Ritu Narayan, co-founder and chief executive of Zum, said: “While nearly everyone in the US has an association with the iconic yellow school bus, student transportation is a problem hidden in plain sight. We have developed the technology to reimagine this industry now, to do it safely, and to do it well.”
Andrew Straub, investment director at Softbank Investment Advisers, added: “Using data and technology, we believe Zum is modernising school transportation by offering better services, efficiency, and sustainability, while increasing safety for children. We are impressed with the immediate impact that Zum has made for school districts who have deployed its service across their entire network of schools over the past year, including significant cost savings.”
Straub is joining Zum’s board of directors.
Law firm O’Melveny advised Zum.
Date published: 12 October 2021