French start-up connectivity solution brand Velco has launched a €5 million fundraising campaign to allow it to continue its commercial development in Europe, and finance the research and development of future connected products.
The company is looking for investors who want to be part of the urban mobility boom, a sector which is geared up for significant growth if recent indications are anything to go by.
Velco was founded in 2016 by three students who wanted to revolutionise urban mobility by making it more intelligent. Its first product, the Wink Bar, a connected handlebar, entered the French, Benelux, Portuguese and Spanish markets in 2019.
Velco now offers further connectivity solutions through its software suite, which is connected to three products that are integrated into bikes, scooters and motorcycles to aid in the prevention of theft, increase road safety and improve vehicle reliability. The connected products (Wink Bar, Nuotrax and Onitrax) are integrated into the vehicles and feedback data which is collated via customised platforms to meet the needs of professionals, in terms of maintenance, after-sales service, business analysis, theft and loss management, user knowledge, reporting and performance enhancement.
Since its repositioning in B2B at the beginning of this year, new commercial contracts have enabled Velco to expand into fleet management of bikes and scooters within the European OEM sector, offering players in the mobility market personalised, adapted solutions.
Pierre Régnier, Velco President and CEO, said: “A few months after the launch of its software suite, Velco already secured its development objectives for 2020 and part of its objectives for 2021 despite recent events. We are looking for investors who can accompany us in our European development over the next five years in a booming market.
“Velco is synonymous with strong, controlled, sustainable and responsible growth in a growing market, in the age of time and with high potential.”
According to Velco, Germany is a key stage in the company’s commercial development and is the priority for its international deployment. Meanwhile, in France the cycle market is growing and government support for cycling culture is increasing, the brand stated, with the scooter market seeing a boom as a result of MaaS (of which UK Government has launched a public consultation and regulatory review) and an increased focus on providing micromobility solutions for future travel alternatives.
Among Velco’s new customers is Fluow, a subsidiary of La Poste, which operates the largest fleet of long-term rental bicycles in Europe for the Ile-de-France region.