Zum Announces $140M Funding Round, Accelerating Its Mission Toward a Cleaner, Greener Future
Zūm has announced a $140 million funding round, another significant step in its mission to make school transportation safe, reliable and sustainable.
This Series E round was led by GIC, a leading global investment firm based in Singapore. Climate Investment and existing investors including Sequoia and SoftBank Vision Fund 2 also participated in the round. This elevates the company’s valuation to $1.3 billion and brings Zum’s total fundraise to $350 million.
“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,” said Ritu Narayan, Zum’s Founder and CEO. “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.”
Zum continues to lead the industry forward through its innovative approach and its shift to EV school buses. The investment will be used to accelerate the expansion of Zum’s 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 100% electric school bus fleets, Zum will be able to transform EV batteries into virtual power plants through its advances in Vehicle-to-Grid (V2G) technology.
“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 U.S. 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.”
We are excited to share this news and appreciate everyone who supports Zum’s vision of modernizing student transportation!