CHICAGO, July 13, 2021 / PRNewswire / – Veo, the leading profitable micromobility company, today announced the closing of a $ 16 million Series A fundraising 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 works, while raising the bar of sustainability for the industry.
Veo is unique among urban micromobility players by its competitive advantage: having achieved profitability in conjunction with a sustainable economic model. Armed with a robust fleet, city partnerships and low capital requirements, Veo is poised to scale alongside the biggest names in the industry and has been chosen from dozens of competitors to deliver micromobility programs in New York City, and Santa Monica, California.
âAt Veo, we focus on the long term with high quality vehicles and sustainable urban partnerships. Today, we are proud to evolve the company with investors who share our philosophy of respectful and responsible growth â, declared Edwin Tan, president of VÃ©o. “Our goal is to renovate a dangerously unsustainable transportation sector with fun, affordable and safe electric vehicles.”
For Veo, a successful sustainability model means governing the company’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 release sit-and-stand scooters, bikes, and e-bikes specifically designed for the rigors of shared use, and often innovate specific models for each city’s needs. . Veo products are at the forefront of the industry in vehicle durability and lifecycle durability and are widely recognized by users as the most comfortable and safest to drive.
âWe share Veo’s vision for a sustainable transportation future supported by sustainable business models. Veo’s overwhelming respect for the needs of its urban partners and its steadfast concern to provide a quality product for the community has made it a leader in the industry while requiring an order for less external capital than other micromobility companies. . Veo is the most promising company to usher in a future of micromobility alongside the city’s long-term partners, âsaid Jeff Peters, Autotech Ventures. âWe are proud to play a role in scaling Veo.
âUP.Partners supports Veo’s mission to empower people to travel more economically and sustainably. We are impressed with Veo’s commitment to driver safety and the strong relationships it has built with leading cities across United States. We look forward to supporting Candice and Edwin on Veo’s incredible journey to transform and democratize personal mobility, âsaid Ally Warson, UP. Partners.
Based at Chicago and founded in 2017, Veo is one of the most innovative and dynamic companies in micromobility. Veo partners with dozens of cities and universities nationwide with exclusive and semi-exclusive contracts in its shared mobility programs and adds additional municipalities and campuses every month. Veo’s convenient design and manufacturing process allows Veo to embed safety, comfort, compliance and reliability directly into hardware, including its unique electronic swappable battery technology, turn signals and light messages under the bridge to help keep sidewalks away from fallen scooters. The Cosmo, for example, has 2-3 times higher usage than conventional scooters. For more information, please visit www.veoride.com.
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