Zoomo, an Australian e-bike startup, considers Milkrun closure a “setback,” but the pedals are still churning.

While Zoomo, the electric bike startup that supplied Milkrun with its equipment, is facing a “setback” with its closure, senior leadership believes Milkrun’s demise won’t jeopardize the Sydney-based company.

Founder of Milkrun Dany Milham said on Tuesday that the company will be closing soon and that some 400 employees would be laid off. He attributed the decision to the quickly shifting financial and economic environments.

Approximately 15 months have passed since Milkrun entered the Australian market with the promise of $75 million in venture financing and 10-minute supermarket delivery throughout inner Sydney.

The bikes used by delivery personnel at Milkrun’s neighborhood hubs were supplied by Zoomo, an Australian company that offers scooters, light vehicles, and electric bikes (e-bikes) to consumers and delivery-related businesses.

The Tour de MILK came to an epic conclusion last week with nearly 600 riders competing in four stages.

 

 

 

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