by Candice Xie, Co-founder and CEO, Veo
As 2021 winds to an end, I’m struck with gratitude over the time and dedication that Veo employees, city stakeholders, and community advocates put into shaping a sustainable, equitable, and safe transportation future. Together, we navigated the unexpected twists and turns of a global pandemic to prove that micromobility is a crucial part of 21st century transportation.
2021 was an amazing year at Veo — our revenue, ridership, and footprint all grew by over 200 percent; we maintained profitability and launched in major markets like Santa Monica and New York; and we raised over $16M in a series A funding round. We were awarded new permits, secured contract renewals, or increased our fleet size in Colorado Springs, Long Beach, Newark, Seattle, Toledo, Syracuse and at The University of Alabama. At the same time, cities around the world unveiled new protected bike and scooter lanes, planners released proposals to make our streets safer, and voters put their tax dollars toward safer, more complete streets.
Meanwhile, the challenges of the pandemic exposed weaknesses within our peers’ business models: Some companies shrunk, some were sold off, and others folded entirely. During this time, Veo struck new and expanded partnerships with cities around the country and grew our team. Our secret sauce is rooted in our values of financial responsibility, our focus on deep collaboration with our partners, and our in-house designed and manufactured high quality hardware.
In 2021, we unveiled the Astro 4 standup e-scooter, the Cosmo seated e-scooter, and the Cosmo throttle e-bike, which all utilize Veo’s original design swappable battery which has now become the industry standard. Veo was also the first company to launch turn signals and bright underdeck lighting features to enhance rider safety. Our Cosmo line is making it easier for riders of varying body types and physical abilities to ride comfortably. Both the Cosmo seated e-scooter and throttle e-bike can be useful for a tired commute home, especially for nurses and other professions needing a break. In 2022, Veo plans to add two new vehicle types to its current fleet of six options and make significant enhancements to the existing product line.
What also helps Veo succeed is that we are laser focused on intentional growth in long-term exclusive or semi-exclusive partnerships with cities and universities to ensure every program meets community needs and is financially sustainable for the long haul. People want to ride, but their decision to do so is dependent on city infrastructure and vehicle designs that make them feel safe. We have learned that the biggest key to growth is to work closely with city officials to create environments where people can ride e-scooters and e-bikes safely and to diversify ridership by incorporating income-based discounts and bringing more vehicle types to the market.
Headed into the new year, we’re excited about our continued growth. And we’re already thinking about what’s next. Veo believes micromobility will play a critical role in logistics, specifically last-mile deliveries. Faster delivery will require fulfillment centers to be located closer to customers and for items to be delivered with smaller vehicles, like e-bikes and e-scooters. The most exciting part of this future is that micromobility can help reduce carbon emissions, reduce congestion, and free up curbside space. Stay tuned…
