US-based electric moped hire service Revel has received $27.6m in a series A round backed by Toyota AI Ventures, a corporate venture capital fund owned by carmaker Toyota, TechCrunch reported yesterday.
The round was led by investment firm Ibex Investors and also featured VC fund Maniv Mobility, private equity and VC firm Blue Collective and seed and early-stage investment fund LaunchCapital.
Founded in 2018, Revel operates a service enabling customers to locate, reserve and unlock electric mopeds using its mobile app, paying a base rate of $1 per person and $0.25 for each additional minute the vehicle is used.
The platform screens potential customers to ensure they are licensed to drive and have a safe driving history, and restricts the maximum speed of its vehicles to 30 miles per hour.
Revel currently offers 1,400 mopeds for hire in Brooklyn, New York City and Washington DC, and co-founder and chief executive Frank Reig told TechCrunch it will use the capital to move into more cities, ultimately aiming to reach 10 US markets by mid-2020.
The company had previously raised $4.5m from unnamed investors in January this year, according to a securities filing.
Jim Adler, founding managing director of Toyota AI Ventures, said in a blog post: “Although ride hailing and micro-mobility platforms have already supplemented many commutes, Revel’s popularity in New York and Washington, DC makes it clear that there is a demand for new sustainable, battery-powered mobility choices.
“We are excited to support Revel co-founders Frank Reig and Paul Suhey and their mission to bring reliable, electric transportation to new markets.”
Photo courtesy of Revel Transit Inc.