Revel has successfully raised $81.6 million over three funding rounds, positioning itself as a key player in urban electric transportation. The company offers shared electric mopeds and fast charging solutions, aiming to accelerate electric vehicle adoption in cities.
Keep reading to explore the intricacies of Revel's fundraising journey and the investors backing this innovative platform.
What Is Revel?
Revel, founded by Frank Reig and Paul Suhey, is headquartered in Brooklyn. The company focuses on providing shared electric mopeds and fast charging solutions for electric vehicles in urban areas.
With a mission to accelerate electric vehicle adoption, Revel offers an affordable, emissions-free transportation option that integrates seamlessly into existing transit networks. Users can find, reserve, and ride electric mopeds through their app without needing a key.
Revel employs between 51 and 200 people, working to make choosing electric vehicles easy and accessible for city dwellers.
How Much Funding Has Revel Raised?
- Seed
- Amount Raised: $4,000,000
- Date: September 2018
- Motivation Behind the Round: Typically used for product development, market research, and initial marketing efforts.
- Series A
- Amount Raised: $27,600,000
- Date: October 2019
- Motivation Behind the Round: Generally used to optimize product offerings and scale the business.
- Series B
- Amount Raised: $126,000,000
- Date: February 2022
- Lead Investors: BlackRock
- Motivation Behind the Round: To support the company's growth and infrastructure expansion.
- Debt Financing
- Amount Raised: $50,000,000
- Date: November 2022
- Lead Investors: BlackRock Alternatives through its Climate Infrastructure fund
- Motivation Behind the Round: To expand Revel's network of high-volume, public EV fast charging Superhubs.
Total Amount Raised: $207,600,000
Current Valuation: Not disclosed
Key Investors
- BlackRock Alternatives
- Details: BlackRock Alternatives is a division of BlackRock, one of the world's largest asset management firms. They focus on alternative investments including infrastructure, private equity, and real estate.
- Investment Focus Areas: Infrastructure, private equity, real estate, climate-related projects
- Notable Investments: Not explicitly mentioned in the sources
- Toyota AI Ventures
- Details: Toyota AI Ventures is a venture capital subsidiary of Toyota, focusing on early-stage startups. They invest in companies that are developing innovative solutions in the mobility sector.
- Investment Focus Areas: Mobility, artificial intelligence, robotics, data and cloud
- Notable Investments: May Mobility, Nauto, Perceptive Automata
- Maniv Mobility
- Details: Maniv Mobility is a venture capital firm that invests in early-stage startups in the transportation and mobility sectors. They aim to support companies that are transforming the future of transportation.
- Investment Focus Areas: Transportation, mobility, automotive technology
- Notable Investments: Upstream Security, Otonomo, Cognata
- Shell Ventures
- Details: Shell Ventures is the corporate venture capital arm of Royal Dutch Shell. They invest in innovative companies that are developing new technologies and business models in the energy sector.
- Investment Focus Areas: Energy, mobility, digitalization, sustainability
- Notable Investments: Ample, Sense, LO3 Energy
- Blue Collective
- Details: Blue Collective is a venture capital firm that invests in early-stage companies across various sectors. They focus on partnering with founders to build and scale their businesses.
- Investment Focus Areas: Technology, consumer products, healthcare, mobility
- Notable Investments: Not explicitly mentioned in the sources
What's Next for Revel?
Revel's future looks promising as it plans to expand its network of high-volume, public EV fast charging Superhubs across U.S. cities. This expansion aims to cater to a diverse range of users, including general consumers, Revel’s all-electric rideshare fleet, third-party rideshare operators, and light-duty delivery vehicles. With significant financial backing, including a recent $50 million debt funding round led by BlackRock Alternatives, Revel is well-positioned to capitalize on the growing demand for electric vehicle infrastructure.
As the company scales its operations, future fundraising opportunities are likely to arise to support its ambitious growth plans. However, challenges such as scaling infrastructure to meet demand and competition from other electric mobility companies could pose hurdles. Industry trends, including the increasing adoption of electric vehicles and investment in climate infrastructure, will play a crucial role in shaping Revel's journey ahead.
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