Zūm, the leading provider of modern student transportation announced a $140 million Series E funding round. This new funding round was led by GIC, a leading global investment firm. Climate Investment, a decarbonization investor, and existing investors including Sequoia and SoftBank Vision Fund 2 also participated in the round, elevating the company’s valuation to $1.3 billion—a significant increase from its previous series D raise in Oct 2021. This round brings company’s total fundraise to $350 million.
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The new capital will be used to accelerate the expansion of it’s industry leading AI-driven technology platform, a key tool in Zum’s effort to fully decarbonize the school bus industry and bolster the fight against climate change. When combined with the deployment of its fully EV school bus fleets, Zum will be able to turn the largest battery on wheels – batteries 4-6 times the size of EV car batteries – into virtual power plants through its advances in Vehicle-to-Grid (V2G) technology.
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“Zum is on a mission to revolutionize student transportation, moving beyond the status quo towards a future where innovative technologies are used to advance sustainability efforts,” remarked Zum Founder and CEO Ritu Narayan. “Securing this latest round of funding, especially in a challenging economic climate, is a resounding vote of confidence in our vision and ability to execute. This investment marks a pivotal moment in our journey, empowering us to turn school buses into powerful tools for environmental change.”
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With Zum’s advanced technology platform it now has the ability to know when to discharge and recharge EV school buses. For the first time ever, school buses that would otherwise be sitting idle in bus depots can now be put to work during evenings and summers and send energy back to the grid.
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“Our investment in Zum highlights GIC’s commitment to funding the transition to net-zero in the real economy,” said Choo Yong Cheen, GIC’s Chief Investment Officer of Private Equity. “Zum is leading the industry in leveraging technology to create a more modern, sustainable, and safer experience for communities across the US. We are proud to partner with Zum’s impressive leadership team to support their work to transform student transportation, the largest source of mass transit today, into an impactful renewable energy source.”
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About Zum
Zum, founded in 2015 by Ritu Narayan and Vivek Garg. Zūm has reimagined student transportation— managing every vehicle, driver, passenger, parent, and ride on a single platform. We’re growing fast and looking for super-smart folks motivated to fix the nation’s largest mass transportation system and make a real difference for students, schools, drivers, parents and caregivers.
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