San-Diego Bike-sharing Startup Raises $50 Million

The company has also designed a patent-pending smart, shareable helmet system, which integrates effortlessly onto the bike. The helmet that can be unlocked with a smartphone comes with a detachable hygienic liner.

FREMONT, CA: An electric bike-sharing startup Wheels raised $50 million in its latest funding round, led by venture capital firm DBL Partners, increasing their capital to a total of $87 million. DBL Partners’ founder and managing partner Ira Ehrenpreis will join Wheels’ board, as per a credible source. The Series A funding saw participation from TDK Ventures.

Wheels is established by Jonathan and Joshua Viner, who previously founded Wag that was termed as “the Uber for dog walkers.” The business had raised about $37 million in a funding round earlier this year. The firm currently operates in six markets: Los Angeles, San Diego, Atlanta, Chicago, Scottsdale, Dallas, and Ariz. Furthermore, the company also plans to expand more in the U.S. and international markets and might sell its bikes direct to consumers, as well.

“We’re excited to open up to dozens of cities over the next few months, including international expansion,” Wheels COO Marco McCottry said. Currently, Wheels is focused on shared models and believes there are prospects to sell directly to consumers in the future. “As we think about how we fit with the other companies in the space, we’re growing the pie and expanding the market,” adds McCottry. Wheels differentiate itself from other bike-share businesses with its modular design, batteries, and swappable parts. 

Additionally, the company has also designed a patent-pending smart, shareable helmet system, which integrates effortlessly onto the bike. The helmet that can be unlocked with a smartphone comes with a detachable hygienic liner. The enterprise intends to deploy helmet-equipped vehicles by the end of this year.

“The micro-mobility market can continue to revolutionize the future electrification of transport, but problems of safety and sustainability are keeping the industry from reaching its true potential,” said DBL Partners Founder and Managing Partner Ira Ehrenpreis. “Wheels solve 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.”