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Vene Rides Launches $1.07M Crowdfunding Campaign on Republic to Disrupt the Micromobility Industry

·3 min read

Vene Rides believes physical store locations, in addition to an online marketplace, is the future of micromobility

MIAMI BEACH, Fla., Oct. 27, 2021 /PRNewswire/ -- Vene Rides, the one-stop-shop for Micro-EV sales and service, launches its crowdfunding offering on Republic with a vision that every household in North America have electric mobility.

"Today's announcement of the Vene Rides crowdfunding campaign on Republic will enable the company to better meet intense consumer demand for Micro-EVs, both online and in physical store locations," says Vene Rides Co-Founder and Chief Operating Officer Ruben Figueredo. "Our goal is to reach five Micro-EV stores by 2022 and 100 stores by 2024. The current Vene Rides showrooms in Miami Beach, Fl. and Chicago, Ill. have generated significant revenue in 2021 from Micro-EV sales, maintenance, and repairs, in addition to becoming pick up locations for our e-commerce marketplace."

Vene Rides is currently bootstrapped. As of February 2021, the breakdown of Vene Rides' revenue is 65% sales, 25% service and 10% rentals. Blended margins are currently 35-45% and improving with online sales. The average revenue per e-bike sale is $1,500, including accessories, and average scooter sales typically generating $900.

"Consumer demand for electric bikes is astronomical with an estimated annual global market of $41.1B today, which is expected to grow to $70B by 2027," add Figueredo. "Last year, e-bike sales rose 190% in a single year. We believe the growing micromobility market will be led by retailers with physical locations, like Vene Rides, where customers can test ride new models, bring their Micro-EVs for maintenance and repairs, and rely on our expertise for choosing the right Micro-EV from our curated lineup."

Vene Rides recently launched its own line of Vene-branded Micro-EVs, the Vene Stria e-bike and the Vene City S1 e-scooter. Vene Rides will continue growing their own Micro-EV product lineup focused on low maintenance and tech integrated vehicles. Vene Rides also offers a wide variety of popular Micro-EVs brands to fit everyone's needs, including e-bikes, e-scooters and e-mopeds from the world's leading brands, including Segway, Unagi, Inokim, Aventon, Magnum, BESV, Monday Motorbikes, and growing.

CEO and Co-Founder Josh Squire leads the Vene Rides management team with decades of entrepreneurship in the mobility industry. Squire launched and operated over 20 shared micromobility locations throughout the U.S. and a rental tours chain. Additionally, Squire received the first U.S. patent for bicycle rental automation and founded the HOPR shared mobility platform.

For more information on Vene Rides crowdfunding campaign, please visit Republic.co/Vene.

About Vene Rides

Launching in July 2020, Vene Rides is the trusted disruptor in today's rapid-growth Micro-EV market. Based in Miami Beach, Fla., Vene Rides recently launched its second location in Chicago, Ill. In addition to offering the most trusted Micro-EV brands online and in its showrooms, Vene Rides provides maintenance services for all Micro-EVs.

Vene Rides recently launched its own line of Vene-branded micro-EVs, the Vene Stria e-bike and the Vene City S1 e-scooter. For more information, visit VeneRides.com, and stay informed by following Vene Rides on Facebook, Instagram, YouTube and Twitter.

About Republic

Republic is a leading investment platform that provides access to startup, real estate, crypto, and video game investments for both retail and accredited investors. Republic has facilitated over $500 million in investments by our global community of over one million members. Headquartered in New York City with a team in six countries, Republic is backed by Binance, AngelList, Passport Capital, and more. For more information, visit www.republic.co

Media Contact

Tyler Bryant

Interdependence Public Relations

(813)951-4169

322292@email4pr.com

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SOURCE Vene Rides