Total amount raised
$81.6 Millions
Latest funding date
11/1/2022
Location
Revel has successfully raised $60 million in a recent debt financing round, with notable investors like NY Green Bank and BlackRock among its backers. The platform focuses on accelerating electric vehicle adoption through shared electric mopeds and fast-charging infrastructure.
Keep reading to explore the intricacies of Revel's fundraising journey and the investors supporting this innovative platform.
What Is Revel?
Revel, founded in 2018 by Frank Reig and Paul Suhey, is headquartered in Brooklyn, New York. The company aims to accelerate electric vehicle adoption in urban areas.
Revel offers shared electric mopeds, an all-electric rideshare service, and a network of fast-charging stations. They also connect drivers to leased electric vehicles.
With a team of 251-500 employees, Revel is making significant strides in promoting sustainable urban transportation.
How Much Funding Has Revel Raised?
- Seed Round
- Amount Raised: $4M
- Date: September 2018
- Lead Investors: Maniv Mobility
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop the initial fleet of electric mopeds.
- Series A
- Amount Raised: $34M
- Date: October 2019
- Lead Investors: Ibex Investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the fleet and enter new urban markets.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: June 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and infrastructure development.
- Series B
- Amount Raised: $126M
- Date: February 2022
- Lead Investors: BlackRock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and enhance the charging infrastructure.
- Debt Financing
- Amount Raised: $50M
- Date: November 2022
- Lead Investors: BlackRock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To grow the network of high-volume, public EV fast charging Superhubs.
- Debt Financing
- Amount Raised: $60M
- Date: February 2025
- Lead Investors: NY Green Bank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support expansion and infrastructure projects, such as installing EV fast chargers.
Total Amount Raised: $274M. Current Valuation: Not publicly disclosed.
Key Investors
- NY Green Bank
- Details: NY Green Bank is a state-sponsored financial entity that invests in clean energy projects. It aims to accelerate the deployment of clean energy and energy efficiency projects in New York State.
- Investment Focus Areas: Clean energy, sustainable infrastructure, energy efficiency
- Notable Investments: Not publicly disclosed
- BlackRock
- Details: BlackRock is a global investment management corporation known for its extensive asset management services. It manages a wide range of investment funds and provides financial advisory services.
- Investment Focus Areas: Technology, renewable energy, financial services
- Notable Investments: Not publicly disclosed
- Ibex Investors
- Details: Ibex Investors is a global investment firm focused on niche and emerging sectors. The firm seeks to identify and invest in high-growth opportunities across various industries.
- Investment Focus Areas: Technology, mobility, healthcare
- Notable Investments: Not publicly disclosed
- Maniv Mobility
- Details: Maniv Mobility is a venture capital firm specializing in mobility and transportation technologies. The firm invests in startups that are innovating in the transportation sector.
- Investment Focus Areas: Mobility, transportation, automotive technology
- Notable Investments: Not publicly disclosed
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. With a recent $50 million debt financing round led by BlackRock, the company is well-positioned to capitalize on the growing demand for electric vehicle infrastructure. The opportunity to future-proof new Superhubs with numerous stalls and high charging speeds could significantly enhance urban EV adoption.
As the electric vehicle market continues to grow, Revel may seek additional funding to support further expansion and technological advancements. However, the company could face challenges such as competition from other EV charging providers and regulatory hurdles in different cities. Despite these obstacles, Revel's strategic focus on sustainable urban transportation and its strong investor backing suggest a bright future ahead.
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