Wheels Announces Oversubscribed Round of More Than $50 Million Led by DBL Partners
LOS ANGELES--Micro mobility company Wheels today announced a funding round of more than $50 Million led by DBL Partners.
“The micro mobility market has the ability to continue to revolutionize the future electrification of transport, but problems of safety and sustainability are keeping the industry from reaching its true potential,” said Ira Ehrenpreis, Founder and Managing Partner of DBL Partners. “Wheels is solving these issues with its safety-focused product design, including the upcoming release of its integrated helmet technology, a more sustainable business and maintenance model, and a mass-market design that appeals to a wider gender and age demographic.”
In addition to being more comfortable than a stand-up scooter, the Wheels e-bike has larger wheels, a low center of gravity, and a patent-pending shareable and smart helmet system that is integrated directly into the bike. It also has a modular design in order to allow for easily swappable replacement parts, and to foster continued improvements and a longer product life cycle – all while taking up a similar amount of space as a traditional stand-up scooter. Finally, Wheels uses swappable batteries, which significantly improves unit economics.
“This is a much more appealing form factor. Head-to-head with stand-up scooters, we have seen the Wheels bike gain share because it is much more appealing to women and to people over 35,” said Duncan Davidson, General Partner at Bullpen Capital.
Wheels is expanding into additional U.S. and international markets in the coming months. Given the challenge that scooters face from Europe’s cobblestone roads, the Wheels e-bike is particularly well-positioned to become the preferred device in Europe and other international markets.
“Our dedication to safety and sustainability has been core to our mission from the start, and now it’s proving to be a major competitive differentiator within the market,” said Joshua Viner, CEO at Wheels, who co-founded the company with his brother Jonathan Viner.
Wheels is a last-mile, shared electric mobility platform whose e-bike changes the landscape in dockless mobility. By focusing on sleek design and safety, Wheels provides a safe, 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, successful serial entrepreneurs with three prior ventures together over the past decade, including the popular dog-walking app Wag!