Veo Raises $16 Million in Funding to Scale Across the U.S., Paving the Way to Profitable, Sustainable Micromobility
Funding Round Led by Autotech Ventures, UP.Partners, FJ Labs, Interplay Ventures
CHICAGO, July 13, 2021 /PRNewswire/ -- Veo, the first profitable micromobility company, today announced the closing of a $16 million Series A funding round led by Autotech Ventures, with participation from UP.Partners, FJ Labs, and Interplay Ventures. Veo will use the funds to expand its footprint of custom-designed, shared-use scooters and bikes to transform the way micromobility operates, while raising the standard of sustainability for the industry.
Veo is unique among urban micromobility players due to its competitive edge: having reached profitability in conjunction with a sustainable business model. Armed with a robust fleet, partnerships with cities, and low capital requirements, Veo is ready to scale next to the biggest names in the industry and was chosen over dozens of competitors to provide micromobility programs in New York City, and Santa Monica, California.
"At Veo, we are laser-focused on the long term with high quality vehicles and lasting city partnerships. Today, we are proud to scale the business with investors that share our philosophy to grow respectfully and responsibly," said Edwin Tan, President of Veo. "Our goal is to overhaul a dangerously unsustainable transportation sector with fun, affordable, and safe electric vehicles."
For Veo, a successful sustainability model means governing the business's impact on the environment and on roads, as well as innovation and manufacturing, while working hand in hand with city partners. In fact, Veo's in-house design and manufacturing team launches purpose-built seated and standing scooters, bikes, and ebikes for the rigors of shared use, and often innovates specific models for the needs of each city. Veo products lead the industry in terms of vehicle durability and life cycle sustainability and are widely recognized by users as the most comfortable and safest to ride.
"We share Veo's vision for a sustainable transportation future backed by sustainable business models. Veo's overwhelming respect for the needs of its city partners and relentless focus on delivering a quality product for the community has made it a leader in the industry while requiring an order of magnitude less external capital than other micromobility companies. Veo is the most promising company to usher a micromobility future alongside city partners over the long-term," said Jeff Peters, Autotech Ventures. "We are proud to play a role in the scaling of Veo."
"UP.Partners supports Veo's mission to enable people to move more economically and sustainably. We are impressed with Veo's commitment to rider safety and the strong relationships it has established with thought-leading cities throughout the United States. We look forward to supporting Candice and Edwin on Veo's amazing journey to transform and democratize personal mobility," said Ally Warson, UP.Partners.
About Veo
Headquartered in Chicago and founded in 2017, Veo is one of micromobility's fastest growing and most innovative companies. Veo partners with dozens of cities and universities nationwide with exclusive and semi-exclusive contracts in its mobility share programs and is adding additional municipalities and campuses every month. Veo's hands-on design and manufacturing process enables Veo to integrate safety, comfort, compliance, and reliability directly into the hardware, including its unique e-swappable-battery technology, turn signals, and underdeck light messaging to help keep sidewalks clear of fallen scooters. The Cosmo, for example, has a 2-3x higher utilization than typical scooters. For more information, please visit www.veoride.com.
SOURCE Veo
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