Velotric, a San Francisco, CA-based e-bike company, raised a $7.4m USD Series A funding round.
The round, which brought the total raised to $12m USD in its first year, came from Redpoint China Ventures, Fosun RZ Capital, Uphonest Capital, and Lime Cofounders Brad Bao and Toby Sun.
The company intends to use the funds to expand its presence in the United States.
Led by Adam Zhang, Co-Founder, Velotric provides bikes fueled by the proprietary Velopower drive system which features custom components such as the Velotric motor, battery management system (BMS) and booster algorithm. In 2022, Velotric launched two popular e-bikes: Discover 1 and Nomad 1. Discover 1 is the brand’s all-rounder offering, an urban commuter e-bike, while the Nomad 1 is the brand’s first adventure-style, fat-tire model, designed for all-weather, all-terrain use. This year, the brand plans to launch a new range of e-bikes which will feature the brand’s newest drive system and a range of customization options for riders.
The company has seen significant growth in recent months having brought in $15 million USD in revenue and selling over 10,000 bikes from May through December 2022.
Creating a proprietary drive system from the ground up has resulted in e-bikes which have more torque, range, and power efficiency.