Only 4 years after its establishment, it received 100 million yuan in financing! Shenzhen sellers selected the hot products and they became popular

In addition to the new energy vehicles that are well known to the public, there is another new energy vehicle that is accelerating on the overseas track - it is the E-Bike .

E- bike stands for Electric bicycle. It is different from traditional bicycles in that it is equipped with motors, electronic controls, batteries, and display instrument systems. It is lightweight and fast , and is more labor-saving than bicycles and more convenient than electric vehicles . Therefore, it is widely welcomed by overseas consumers.

In recent years, E-Bike has shown explosive growth in overseas markets, especially in Europe and the United States .

Many domestic companies seized the business opportunity, entered the market and ushered in rapid development. Shenzhen's new brand " Velotric " is one of them.

" Velotric " targets the North American market and its products are a hit!

The E- Bike brand Velotric was founded in Shenzhen in 2021 and is affiliated to Shenzhen Velotric Technology Co. , Ltd. The brand's founding team is well-known, coming from well-known companies such as LIME (a North American shared travel company), Didi, Qingju Bicycle, Giant, TREK, Specialized, etc. , and has the ability to independently develop the core three-electric system (battery, controller and motor ) of E-Bike . Velotric truly improves the performance of E - Bike from the bottom of the software , and creates multiple E-Bike product lines based on the daily travel needs of European and American users. The products are suitable for urban commuting, outdoor adventures and daily entertainment.

(Image source: Velotric official website)

In December 2021, Velotric launched its first all-round urban commuter electric bicycle product, Discover 1 , on Indiegogo .

In April 2022, Velotric officially began to launch Discover 1 in the North American market in a DTC model .

Within six months, Discover 1 sales exceeded 10,000 units and revenue exceeded US$15 million .

After the launch of Discover 1 , Velotric launched multiple series of products including Nomad 1, Thunder 1 and Thunder ST within a year .

Velotric began to develop offline channels in January 2023. In less than two months, it has reached cooperation with nearly 200 offline dealers .

The market recognition of Velotric’s products is inseparable from its strong product power.

Velotric has devoted a lot of effort to product design, independently developed the battery, motor, and electronic control system, and continuously iterated product technology. It focuses on improving the driving experience and endurance of the product to provide users with a better riding experience.

Moreover, Velotric attaches great importance to product quality and safety, and designs its products at 1.5-2 times the UL standard. It is understood that each Velotric product has UL2849 vehicle certification and UL2271 battery certification, which alone is superior to many E-bike brands.

After continuous product refinement, according to industry evaluation, Velotric's riding performance is 30% better than that of its competitors, and its price is 20-30% lower than that of similar E-bikes.

It is worth mentioning that Velotric has also noticed the female market demand for E-bikes. Previously, most E-bikes on the market were black and gray, and the models were designed more for men. Velotric noticed the market demand of female users and incorporated elements that fit the aesthetic trends and usage habits of female consumers into the design. With this, Velotric has attracted a large number of local female users.

Multiple E- Bike brands gain favor from the capital market

In overseas markets, the E-Bike brand from China is very popular and has a high market share, and therefore has also won the favor of a number of capitals.

Velotric has only been established for 4 years and has already received multiple rounds of financing.

In July 2022 , Velotric received over 30 million yuan in angel round financing, led by Brad Bao, Toby Sun, IMO Ventures, Haofang Venture Capital and UpHonest Capital .

On December 6, 2022, Velotric received a Pre-A round of financing of RMB 20 million from investors including Haofang Venture Capital, IMO Ventures, Shanghai Ruican Investment Co., Ltd., and Mingdao Future Capital.

On February 23, 2023, Velotric received RMB 50 million in Series A financing from Redpoint China and Fosun Ruizheng Capital .

On June 5, 2023, Velotric received a round A+ financing of tens of millions of RMB , with Guangdian Capital as the investor.

In March 2024, Velotric completed equity financing.

Since the beginning of this year , there have been several rounds of financing in the EBike track, and well-known companies in the industry such as Dayu Intelligent Driving and TENWAYS are among them .

In January 2024, E-Bike leading company Dayu Zhixing announced the completion of a RMB 100 million Series A financing round, which was invested by CICC Huirong, a subsidiary of CICC Capital.

Founded in 2014, Dayu Intelligent Driving shipped 18,000 units overseas in 2017, becoming the first Chinese E-Bike company to enter the Costco channel. In 2020, Dayu Intelligent Driving sold more than 150,000 units, becoming the first Chinese E-Bike company to export more than 100,000 units . Data shows that Dayu Intelligent Driving's annual shipments have now exceeded 500,000 units.

In January 2024, TENWAYS also announced that it had received financing.

Tenway Sports, the company behind Tenway, was founded in May 2021. It is mainly focused on the field of electric bicycle manufacturing and can be said to be a cutting-edge brand. It is such an E-BIKE newcomer that has not only received investments from well-known institutions such as L Catterton, Hillhouse Capital, Huaying, and Zhongding, but also attracted the attention of Tencent.

In 2021, the year it was founded, TENWAYS won the Pre-A round of financing from Hillhouse Capital. In 2022, it again received the A round of financing from Zhongding, Huaying, Tencent and others. In 2023, it received RMB 300 million in A+ round of financing and several hundred million yuan in B round of financing. In January of this year, it received the B round of financing from Black Ant Capital and others.

Many Chinese companies have seized the E-Bike consumption trend and their performance has soared!

Like Velotric , there are many Chinese companies that have seized the E-Bike consumption trend , such as Lamicall , a brand specializing in outdoor sports stands , and BriskMore , a brand specializing in bicycle supplies , both of which are from Shenzhen .

The Lamicall brand was founded in 2014. The brand continues to deepen its roots in the field of mobile phone accessories, occupying a leading market share in the industry. Its products are sold to more than 100 countries and regions around the world, with an average annual shipment volume of more than 5 million pieces.

Many of Lamicall's products have consistently topped the sales charts in the same category on Amazon, with annual sales exceeding 500 million yuan.

Amazon's front desk shows that Lamicall's cycling phone holder products are firmly ranked TOP1 in the Best Sellers list in multiple categories, and some cycling phone holders also have Amazon Choice and Overall Pick logos. Since it was launched in March 2020, the product has been widely welcomed by consumers.

Another brand, BriskMore, focuses on bicycle supplies, including bicycle mirrors, bicycle tire inflation kits, bicycle tire repair kits, disassembly tool kits and other products.

Among them, BriskMore's best-selling product is a bicycle mirror.

This product features high-definition car mirrors, is scratch-resistant and equipped with an anti-shatter film. It is compatible with a wide range of car models, so it has attracted many consumers in need.

In recent years, the popularity of E-bikes has remained high, and the international market size has also grown rapidly. It is estimated that by 2030 , the global electric bicycle market size will reach 40.98 billion US dollars. People with large demand mainly come from Europe and North America. Leading companies including Xiaomi and DJI are betting on this track. Sellers who want to enter the market or transform can seize the market opportunity .

Financing

Velotric