CHICAGO, Dec. 14, 2021 /PRNewswire/ — Veo, the first profitable micromobility company, today released end-of-year data showing a revenue increase of over 225% in 2021, highlighting the micromobility industry’s post-pandemic rebound. As people continue to choose convenient, sustainable forms of transportation like Veo’s e-scooters, bikes, and e-bikes, micromobility is becoming a fundamental part of the 21st century transportation system.
In 2021, Veo further expanded in the Northeast and West Coast regions, including two of the most competitive cities for micromobility: New York and Santa Monica. Veo was the only company granted a permit in both cities, proving itself to be a leader in a crowded industry. The company also was awarded new permits, secured contract renewals, or increased its fleet size in Colorado Springs, Colo., Long Beach, Calif., Newark, NJ, Toledo, Ohio, Syracuse, NY, Seattle, Wash., and at The University of Alabama.
Veo plans to amplify this growth with new vehicle types, use cases and enter new markets in 2022. The announcement comes on the heels of the company’s $16 million in a Series A capital fundraising round.
“Our financial success, particularly achieving company-wide EBIT profitability year-over-year, is based on intentional and responsible growth in long-term partnerships with cities and universities,” said Candice Xie, Veo co-founder. “The biggest key to growth is to work closely with our local partners to create environments where riders can find, ride, and park scooters safely, and to match cities’ efforts to diversify ridership by bringing new vehicle types to the market that meet more riders’ needs.”
Adding new vehicle types to Veo’s fleet helps meet cities’ goals of diversifying ridership and increasing access to sustainable, safe mobility options. In 2021, Veo unveiled the Astro 4 stand-up e-scooter, the Cosmo seated e-scooter, and the Cosmo e-bike, which utilize the industry’s first waterproof swappable batteries. This allowed Veo to swap out low batteries instead of transporting scooters to warehouses to charge overnight, improving efficiency and reducing the environmental impact of using fossil fuel operated trucks and vans to collect the vehicles for charging. Veo also was the first company to include turn signals and bright underdeck lighting features to enhance rider safety.
In 2022, Veo will introduce two new vehicle types to its fleet, a completely redesigned Class 2 e-bike and a three-wheel e-scooter and will make significant enhancements to the existing six devices in its product line. The new vehicles are designed to make travel easier and more comfortable for riders of diverse ages and abilities. New features will allow e-bikes and e-scooters to make longer trips and enable riders to carry more items, like groceries.
“Producing the most advanced, durable, and comfortable scooters and bikes on the street is what keeps riders choosing Veo,” said Edwin Tan, Veo co-founder. “We handle all design and manufacturing in-house, and control the entire supply chain process, from design to fabrication and final assembly. Establishing our own supply chain and manufacturing capabilities allows us to be more cost effective and ensure the best quality product.”
Veo rose to the top of the micromobility market over the last year due to its fundamentally different approach to financial responsibility and high-quality vehicles. The company took its time to build a profitable business model before scaling with VC money, setting it apart from the industry norm. Veo also sustains limited or exclusive partnerships and collaborates closely with cities to ensure every program is financially viable for the long haul.
Moving forward, in addition to providing personal transportation options, Veo believes micromobility will play a critical role in logistics, specifically last-mile deliveries in cities. Deliveries are already increasing congestion and creating double parking challenges as e-commerce companies work to deliver products to consumers as quickly as possible. Communities can reduce congestion and free-up curb space by locating fulfillment centers closer to customers and requiring items to be delivered with smaller vehicles like e-bikes and e-scooters.
About Veo
Veo is bringing the next generation of shared electric bikes and scooters to cities and universities around the world. Founded in 2017 by two Purdue University graduates, Veo operates from a set of values that distinguish us in the industry. We are grounded in financial responsibility: Veo partnered with select cities to achieve profitability before scaling. Our in-house design and manufacturing process enables us to constantly innovate and provide cities with vehicle fleets that are made to last. We develop collaborative, long-term partnerships with cities and universities so we can work together toward a sustainable, safe, and equitable transportation future. Learn more at www.veoride.com.
SOURCE Veo
