What is VELOTRIC?
Founded in 2021 and headquartered in Carson, California, VELOTRIC is dedicated to enhancing the cycling experience through its proprietary Velopower drive system. This technology is engineered to deliver superior performance and affordability, aiming to reignite the joy of riding for a broad audience. The company's mission is to make cycling more accessible and enjoyable, encouraging outdoor adventures and fostering a connection with the simple pleasure of riding a bike.
How much funding has VELOTRIC raised?
VELOTRIC has raised a total of $7.4M across 1 funding round:
Series A
$7.4M
Series A (2023): $7.4M with participation from UpHonest Capital, Fosun RZ Capital, and Redpoint China Ventures
Key Investors in VELOTRIC
UpHonest Capital
UpHonest Capital is an early-stage venture capital firm based in Silicon Valley, focusing on Seed, Pre-A, and Series A investments. They actively support over 400 portfolio companies, many of which have attracted subsequent funding from prominent investors, indicating a strong track record in identifying and nurturing high-potential startups.
Fosun RZ Capital
Fosun RZ Capital is an equity investment institution with a global presence, focusing on technology and new commerce industries. They leverage extensive industrial resources to empower portfolio companies, particularly in sectors aligned with Fosun's health, happiness, wealth, and smart manufacturing initiatives, aiming for leap-forward and international growth.
Redpoint China Ventures
Redpoint China Ventures is an investment firm that focuses on high-growth technology companies. While specific details on their investment thesis are not provided, their participation suggests a strategic interest in the evolving mobility and technology sectors.
What's next for VELOTRIC?
With this recent major strategic investment, VELOTRIC is poised for accelerated expansion and product development. The capital will likely be deployed to scale manufacturing operations, enhance the Velopower drive system's capabilities, and broaden market reach. This funding round, characterized as a major enterprise-level event, signals VELOTRIC's transition into a more mature phase of growth, positioning it to capture a larger share of the rapidly expanding electric bicycle market.
See full VELOTRIC company page
