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Whizz, an e-bike subscription platform for last-mile delivery drivers, has raised $12 million in a Series A funding round led by LETA Capital, with participation from Flashpoint VC, and others. The round takes the company’s total funding to $20M, fueled by 3.5x YoY growth and ARR of more than $8M.
These funds will enable Whizz to provide more delivery workers across the United States with the best tools for the job.Many of these underserved workers are immigrants without a credit history to gain approval for a loan, which prohibits them from accessing affordable and safe electric transportation.
“Since its launch in 2022, Whizz has sped ahead of its competitors by building the safest and most reliable delivery e-bike on the market, and creating powerful software that has allowed the business to grow exponentially without breaking down. The moment has come when the market is moving from the early stage into maturity. Regulatory pressure is increasing, which will make it difficult for new businesses to enter the market—but it’s welcomed news for established companies such as Whizz, and we fully intend to stake our claim as the number one e-bike rental service in theUS,” — said Mike Peregudov, Co-founder and CEO at Whizz.
“The hype around micromobility and fastdelivery has passed, and most VCs have pivoted to other industries. However, westrive to focus on companies with fundamental business value in the markets notinflated by an excess of capital. Against this backdrop, Whizz appears to be avery promising company with a strong team of founders who work extremelyefficiently and are successfully managing the startup's scaling. Therefore, webelieve that Whizz is a hidden gem that will continue to surprise the market,” — said Sergey Toporov, Partner at LETACapital.
Read more on TechCrunch: https://techcrunch.com/2024/06/05/whizz-wants-to-own-the-delivery-e-bike-subscription-space-starting-with-nyc/