With the support of the EIT Digital Accelerator, Velco, a French scaleup which develops connected solution for e-biker and e-scooters, has completed a €5 million Series A financing round led by French and Belgian investors.
Leveraging innovation and a strong recognition in the bicycle industry, Velco aims to connect all types of two-wheeled vehicles (i.e. e-scooters, bikes, motorcycles) in urban environment. Velco’s connected solution helps two-wheeler brands, manufacturers and transport operators optimize fleet management, generate high value-added data for communities and fleet managers, detect accidents, track location and improve safety.
The company already supports major players in urban mobility in Franceand is targeting the European urban mobility market with an ambition to become the European market leader by 2024.
Since March 2020, Velco has been actively supported by the EIT Digital Accelerator’s team in launching and coordinating the fundraising, which generated strong interest from multiple investors across Europe resulting in a €5 million series A funding.
The recent fundraising includes commitments from Banque des Territoires, the Belgian impact fund Inventures Investment Partners, and Velco’s historical investors Go Capital, Pays de la Loire Participations, led by Siparex and family offices.
“EIT Digital supported us in carrying out our fundraising by targeting with us the relevant investors who can fit into our strategy. By working with the EIT Digital team we were able to save time and continue to focus on our business. We were working with quality people who understood our challenges, our strategy and our business,” commented Pierre Regnier, CEO and Co-founder of VELCO
The funds will enable Velco to accelerate market expansion, deploy its connected solution for urban mobility in France and Europe, and boost further product development. After its success in France with Veligo, Intersport and Reine Bike, Velco is continuing to expand in home market and planning international expansion. In 2021, the scaleup is opening a sales unit in the Netherlands and setting up operations in Germany, both of which are key markets on the European continent. In 2022, Velco will continue its expansion in the United Kingdom, Switzerland, Austria and other Northern European countries.
