Ebike Share Company Wheels Secures $50 Million In Funding

Dockless share provider looks to expand in US and abroad.

Wheels Ebike
Wheels is rolling out a shared ebike with a helmet integrated on the back.Business Wire

Los Angeles-based dockless ebike share company Wheels this week secured a $50 million round of funding led by DBL Partners.

“The micromobility market has the ability to continue to revolutionize the future electrification of transport, but problems of safety and sustainability are keeping the industry from reaching its true potential,” said Ira Ehrenpreis, founder and managing partner at DBL Partners. “Wheels is solving these issues with its safety-focused product design, including the upcoming release of its integrated helmet technology, a more sustainable business and maintenance model, and a mass-market design that appeals to a wider gender and age demographic.”

In a press release, Wheels stated: “In addition to being more comfortable than a stand-up scooter, the Wheels ebike has larger wheels, a low center of gravity, and a patent-pending shareable and smart helmet system that is integrated directly into the bike. It also has a modular design in order to allow for easily swappable replacement parts, and to foster continued improvements and a longer product life cycle—all while taking up a similar amount of space as a traditional stand-up scooter. Finally, Wheels uses swappable batteries, which significantly improves unit economics.”

Wheels’ compact dockless ebikes have no pedals, and they feature built-in Bluetooth speakers. The bikes can also charge phones and other devices as users ride them.

Wheels is currently operating in Los Angeles, San Diego, Atlanta, Chicago, Dallas, and Scottsdale, Arizona. The company is looking to expand its footprint both domestically and internationally.

“Our dedication to safety and sustainability has been core to our mission from the start, and now it’s proving to be a major competitive differentiator within the market,” said Wheels CEO Joshua Viner, who co-founded the company with his brother Jonathan Viner.