E-bike brand VELOTRIC receives tens of millions of dollars in Series A+ financing for its overseas expansion
VELOTRIC, an e-bike brand, secures millions of dollars in Series A+ funding for global expansion
Brand Ark recently learned that the E-bike brand “VELOTRIC” has recently received tens of millions of yuan in A+ round financing, led by GGV Capital.
VELOTRIC is owned by Shenzhen Weile Technology Co., Ltd., co-founded by Zhang Xi, the hardware co-founder of Lime, the hardware R&D director Xiao Xiaotao, and Sun Zhen, the industrial design leader of Didi. In February of this year, the electric bicycle brand VELOTRIC completed a 50 million yuan A round financing, invested by Fosun RZ Capital and Red Dot Ventures.
As a new brand going global, after launching an independent website in May 2022, VELOTRIC completed sales of over 15 million US dollars within 7 months. It has established cooperative relationships with 300 offline dealers in North America, and is expected to establish cooperative relationships with 700 dealers this year. According to VELOTRIC, in 2023, when the channels and products are more abundant, revenue is expected to grow more than three times compared to 2022.
In terms of product positioning, VELOTRIC focuses on entry-level E-bikes, providing cost-effective products. In the VELOTRIC Shenzhen office, founder Zhang Xi explained that in the early stage of any emerging market, the first thing users pay attention to is price and quality. E-bike products need to be purchased by users first, and then they will further pursue the experience after they have knowledge of the product.
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Cai Ning, managing partner of GGV Capital, said: “GGV Capital continues to pay attention to the consumer technology track. We believe that E-bikes have become one of the excellent solutions for short-distance travel in Europe and America. Its riding feel and environmental protection efficiency are both very prominent. The VELOTRIC team has demonstrated deep precipitation and broad vision in the supply chain, products, and channels, bringing outstanding experience to consumers. We continue to be optimistic about the development prospects of VELOTRIC and believe that the company will become an internationally leading E-bike brand.”
Editor ✎ Serein/ Brand Ark
Statement: The copyright of this article belongs to Brand Ark, and may not be reproduced without permission.
Some information is compiled from media reports by “36Kr”.
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