THANK YOU FOR SUBSCRIBING
Wheels currently operates in six markets: San Diego, Los Angeles, Atlanta, Chicago, Dallas, and Scottsdale, Ariz. The company plans to expand to more U.S. and international markets and may sell its bikes direct to consumers, as well
Fremont, CA: San Diego-based electric bike-sharing startup Wheels raised USD 50 million in their latest funding round, led by venture capital firm DBL Partners, increasing their capital now to a total of USD 87 million. DBL Partners’ founder and managing partner Ira Ehrenpreis will join Wheels’ board, as per a credible source. The Series A funding saw participation from TDK Ventures.
Wheels was founded by Jonathan and Joshua Viner, who previously founded Wag, which was termed as "the Uber for dog walkers." Wheels raised about $37 million in a funding round earlier this year. Wheels currently operates in six markets: San Diego, Los Angeles, Atlanta, Chicago, Dallas, and Scottsdale, Ariz. The company plans to expand to more U.S. and international markets and may sell its bikes direct to consumers, as well.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
Check Out This : Electrical Business Review
"We're excited to open up to dozens of cities over the next few months, including international expansion,” Wheels COO Marco McCottry said. “As we think about how we fit with the other companies in the space, we’re growing the pie and expanding the market.” Currently, Wheels is focused on the shared models but believes there are prospects to sell directly to customers in the future. Wheels differentiate itself from other bike-share companies with its modular design, swappable parts, and batteries. Though, JUMP recently unveiled its vision for swappable batteries on bikes.
The company has also developed a patent-pending smart, shareable helmet system that integrates seamlessly onto the bike. The helmet, which can be unlocked with a smartphone, comes with a removable hygienic liner. The company intends to deploy helmet-equipped vehicles by the end of this year.
"The micro-mobility market has the ability to continue to revolutionize the future electrification of transport, but problems of safety and sustainability are keeping the industry from reaching its true potential," said DBL Partners Founder and Managing Partner Ira Ehrenpreis. "Wheels is solving these issues with its safety-focused product design, including the upcoming release of its integrated helmet technology, a more sustainable business, and maintenance model, and a mass-market design that appeals to a wider gender and age demographic."
More in News