Electric moped startup Revel raises $27.6 million as it eyes new markets
In less than two years, Revel has gone from an idea to a shared electric vehicle startup with more than 1,400 mopeds across Washington D.C., and Brooklyn and Queens, New York. Now, it’s ready to grow up — and beyond these three cities — with a fresh injection of $27.6 million in capital raised in a Series A round led by Ibex Investors.
The equity round included newcomer Toyota AI Ventures and further investments from Blue Collective, Launch Capital and Maniv Mobility.
The capital will, as it often does with startups, allow Revel to scale up. CEO and co-founder Frank Reig said this growth will extend to its fleet of scooters within the cities it currently operates as well as expand into new markets. Reig wouldn’t name where the New York-based startup will launch next, although he provided some hints. Large U.S. cities with the right population density and more temperate weather are at the top of the list.
Revel is targeting about 10 cities by mid-2020, Reig added.
How that growth occurs, and who is behind its operations, is what Reig believes differentiates Revel from other shared electric vehicle providers such as scooter startups that have had
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