About Velotric
Velotric is a company based in Menlo Park (United States) founded in 2021 by Nicolas Cheung, Adam Zhang, and Xiao Xiaotao.. Velotric has raised $8.8 million across 2 funding rounds from investors including FRZ Capital, Redpoint Ventures and Guangdian Capital. Velotric operates in a competitive market with competitors including Rad Power Bikes, Aventon, Evelo, Ride1Up and Lectric eBikes, among others.
- Headquarter Menlo Park, United States
- Founders Nicolas Cheung, Adam Zhang, Xiao Xiaotao
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Sectors
Transportation, Automotive & Logistics
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Email
***********
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Phone
*********
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Website
*********
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Social
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- Legal Name Velopower, Inc.
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$8.8 M (USD)
in 2 rounds
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Latest Funding Round
$1.4 M (USD), Series A
Jun 11, 2023
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Investors
FRZ Capital
& 6 more
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Employee Count
Employee Count
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Co Team
2 people
Growth Team
1 people
Sales and Marketing
1 people
Leadership Team
1 people
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Funding Insights of Velotric
Velotric has successfully raised a total of $8.8M across 2 strategic funding rounds. The most recent funding activity was a Series A round of $1.4 million completed in June 2023. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 2
- Last Round Series A — $1.4M
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First Round
First Round
(23 Feb 2023)
- Investors Count 7
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jun, 2023 | Amount | Series A - Velotric | Valuation | Lightpoint Capital | |
| Feb, 2023 | Amount | Series A - Velotric | Valuation | Fosun RZ Capital , Redpoint Ventures |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Velotric
Velotric has secured backing from 7 investors, including venture fund, institutional, and angel investors. Prominent investors backing the company include FRZ Capital, Redpoint Ventures and Guangdian Capital. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Redpoint Ventures is engaged in venture capital investments.
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Founded Year | Domain | Location | |
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Guangdian Capital is focused on consumer tech investments.
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Founded Year | Domain | Location | |
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Early-stage tech companies are invested in by Fosun RZ Capital.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Velotric
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Velotric
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Velotric Comparisons
Competitors of Velotric
Velotric operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Rad Power Bikes, Aventon, Evelo, Ride1Up and Lectric eBikes, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Developer of electric bicycles
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| domain | founded_year | HQ Location |
Electric bicycles and accessories are manufactured and sold by Aventon.
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| domain | founded_year | HQ Location |
Electric bicycles developer
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| domain | founded_year | HQ Location |
Electric bicycles are designed, manufactured, and sold by Ride1Up.
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| domain | founded_year | HQ Location |
Electric bicycles are developed with pedal-assist and advanced braking features.
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| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Velotric
Frequently Asked Questions about Velotric
When was Velotric founded?
Velotric was founded in 2021 and raised its 1st funding round 2 years after it was founded.
Where is Velotric located?
Velotric is headquartered in Menlo Park, United States. It is registered at Menlo Park, California, United States.
Who is the current CEO of Velotric?
Adam Zhang is the current CEO of Velotric. They have also founded this company.
Is Velotric a funded company?
Velotric is a funded company, having raised a total of $8.8M across 2 funding rounds to date. The company's 1st funding round was a Series A of $7.4M, raised on Feb 23, 2023.
What does Velotric do?
Velotric was established in 2021 in Menlo Park, United States, within the electric bicycle sector. Design and development of e-bikes suited for urban commuting are conducted, incorporating elements like a 60-mile range, 6-hour charging duration, 500 W motor, and 48 V battery. Sales are facilitated directly via the companys online platform to customers.
Who are the top competitors of Velotric?
Velotric's top competitors include Rad Power Bikes, Aventon and Ride1Up.
Who are Velotric's investors?
Velotric has 7 investors. Key investors include FRZ Capital, Redpoint Ventures, Guangdian Capital, FRZ Capital, and UpHonest Capital.
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