LOS ANGELES–(BUSINESS WIRE)–Jan 23, 2019–Wheels, the dockless electric mobility and transportation company, today announced it raised $37 million.
Investors, which include Tenaya Capital, Bullpen Capital, Crosscut Capital, 3L Capital, Naval Ravikant, and a collection of strategic investors from the entertainment and sports communities, are excited about Wheels’ unique form factor and proprietary manufacturing methods, which help eliminate waste and creates economies of scale for fast, sustainable multi-city growth.
“We have always imagined a world without traffic,” said Jonathan Viner, President at Wheels, who co-founded the company with his brother Joshua Viner. The Viner brothers previously founded the popular dog walking app Wag which raised nearly $400 million and transformed the dog walking industry. “When we evaluated this market, we identified a major opportunity to better serve cities with a sustainability-first approach to dockless electric mobility. We’ve spent countless research and development hours on new manufacturing and servicing models to afford first-ever offerings such as swappable part replacements and removable batteries.”
Wheels is introducing the first cost-efficient maintenance and operations model for the dockless electric vehicle economy. The company evolved the market in two important ways.
Maintenance: the unique modular manufacturing methods result in swappable parts and batteries, resulting in real-time dynamic maintenance up keep and a four times longer product life cycle compared to other dockless vehicles on the market; and
Operations: vehicle transporters can earn money simply by relocating bikes to a location where Wheels handles upkeep and battery swaps based on real-time monitoring services.
“We’ve focused on sustainability in creating version 2.0 of the dock-less electric revolution. Our modular bike and innovative operating model maximize uptime and extend vehicle life. Combined with strong rider demand, these factors drive compelling unit economics,” said Joshua Viner, CEO at Wheels.
Wheels has already surpassed competitors in daily trips in the Gaslamp district of San Diego and is seeing more than seven rides per day per bike. Wheels plans to increase rapidly across Southern California and nationwide and is working closely with city officials as it rolls out.
Wheels is also adding former Bird, Uber and Lyft executives to its management team. The newest members include Ben Shaken who is joining as Chief Product Officer from Lyft where he was Director of Product. Also joining the team is Marco McCottry as Chief Operating Officer. Previously, McCottry served as an executive at Uber where he ran the Midwest business, and most recently led North American Operations for Bird.
“I’ve seen the explosion of last mile transportation first hand and understand the importance of keeping a promise of sustainability to consumers and society,” said McCottry. “And that’s why I’m so excited to be a part of Wheels. The solutions to so many issues experienced by the first wave are baked into the operational approach.”
Wheels is a last-mile, shared electric mobility platform changing the current landscape in dockless mobility. With innovative products focused on sleek design and safety, Wheels provides a low-cost, fun, and comfortable way to get around cities through the connection of a smartphone. Wheels is headquartered in West Hollywood, California, with plans to expand quickly across the world. Wheels was founded by brothers Joshua Viner and Jonathan Viner. Prior to Wheels Joshua and Jonathan founded the popular dog walking app Wag with the mission of creating the safest and most trusted platform to get your dog walked. They scaled to over 100 cities, raising almost $400 million in funding for Wag.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190123005667/en/
CONTACT: For Wheels
Mike Gasbara, 518-227-8100
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: TECHNOLOGY TRANSPORT OTHER TRANSPORT TRAVEL TRANSPORTATION MOBILE/WIRELESS
Copyright Business Wire 2019.
PUB: 01/23/2019 12:41 PM/DISC: 01/23/2019 12:41 PM