It’s solely been three years since they hit the streets and Revel’s blue electrical mopeds have already change into a standard sight in New York, San Francisco and a rising variety of U.S. cities. However, Revel founder and CEO Frank Reig has set his sights far past constructing a shared moped service.
In truth, because the starting of 2021, Revel has launched an e-bike subscription service, an EV charging station enterprise and an all-electric rideshare service pushed by a fleet of fifty Teslas.
So we caught up with Reig to speak about what he discovered from constructing the corporate, how Revel’s business technique has advanced, and what lies forward.
Before we get to the great things, right here’s some background:
The thought for Revel looks as if it got here from the basic entrepreneur’s guidebook: Reig had a necessity that no current firm addressed. He’d seen mopeds used as main, if not dominant, types of transportation as he traveled round Europe, Asia and Latin America, and he questioned why this logical (and enjoyable) mode of transport was largely absent from American cities basically, and in his hometown, New York City, particularly.
So in 2018, Reig stop his job, raised $1.1 million from 57 folks, and launched a small pilot program involving 68 mopeds in Brooklyn. In May 2019, he raised $4 million in VC funding, which helped him increase to 1,000 electrical mopeds throughout Brooklyn and Queens. Revel secured one other $33.8 million in September 2019, in a spherical that included funding from Ibex Investments, Toyota Ventures, Maniv Capital, Shell and Hyundai, in keeping with Reig. This has allowed the founder to execute a grander plan to construct an electrical mobility firm.
The firm now operates greater than 3,000 e-mopeds in New York City, and has one other 3,000 throughout Washington, D.C., Miami, Oakland, Berkeley and San Francisco.
TechCrunch: You’ve added three new business traces and advised us beforehand that you’ve got extra on the best way. That’s quite a bit.
Frank Reig: Yes, we’ve had a busy begin to 2021! We started the 12 months saying our fast-charging stations throughout the town that may assist fill the massive hole in infrastructure to help the wide-scale adoption of EVs. We launched our e-bike subscription program to supply New Yorkers one other strategy to navigate their metropolis, and with our newly introduced electrical ride-sharing program, we’re fixing the “chicken and egg” downside of EV charging and demand. We are centered on constructing out these business traces and our moped business as properly and very a lot wanting ahead to what is to return.
When shared micromobility firms increase, they usually simply provide totally different autos. You appear to be going, “Ok, we’ll offer a different vehicle — an e-bike, but it’s a subscription. And we’re also doing electric vehicle chargers, and let’s add an EV rideshare to the mix.” It’s fairly broad.
If we’re speaking about electrifying mobility in main cities, it begins with infrastructure. And we’re the corporate rolling up our sleeves and doing it now by constructing that infrastructure and working fleets. Because in a metropolis like New York, the infrastructure doesn’t exist for electrical mobility.
There are just a few Tesla superchargers across the metropolis, normally behind parking paywalls, so it’s important to pay the storage to even use it. And, in fact, you want a Tesla for that infrastructure to even be related. And when you concentrate on different public fast-charging entry factors within the metropolis, they’re few and far between. We’re constructing 30 in a single website and many extra past that in 2021.
New York is an advanced metropolis to function in, so it’s simpler for us so as to add e-bikes as a service as a result of I have already got the infrastructure and on-the-ground operations that we built with the mopeds. I’ve a number of warehouses all through this metropolis. I’ve full-time workers that I’ve employed, from subject technicians to mechanics, and a fleet of over 3,000 autos on the streets in New York. So it’s a pure extension of the platform to have the ability to add one other product to it, to achieve a brand new sort of consumer, or to complement the use case of our present moped customers. All we would have liked to do was finance some e-bikes, and then you will have one other line of business.