Veo, a micromobility company, has 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.
“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.”
“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.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.