MIAMI BEACH, Fla. (BRAIN) — Operating on the belief that successful retailers combine brick-and-mortar storefronts with e-commerce, micromobility company Vene Rides has started a $1.07 million crowdfunding campaign through Republic to grow its two existing stores to 100 by 2024.
The goal is to raise a minimum of $25,000 in the next 100 days through the investment platform. As of Friday afternoon, a little more than $6,000 was raised from 22 investors.
Vene Rides’ electric bikes, scooters, and mopeds are sold online and through existing stores in Miami Beach and Chicago. According to the brand, its e-bike sales increased 240% year-over-year. By next year, Vene Rides co-founder and COO Ruben Figueredo said he hopes to open three more stores.
Currently bootstrapped, Vene Rides recently added its own e-bike — the Stria — and e-scooter — the City S1 to its micromobility lineup that includes brands Segway, Unagi, Inokim, Aventon, Magnum, BESV, and Monday Motorbikes.
According to the brand, as of February, Vene Rides' store locations generate 25%of its revenue from maintenance and service jobs for any micro-EV vehicle, and its rental platform provides 10% of its revenue. Additional sales account for the rest (65%), according to Vene Rides, which also added that its blended margins are currently 35%-45% and improving with online sales. The brand said its average e-bike sale is $1,500, including accessories, and average scooter sales are $900.
On the crowdfunding page, Vene Rides said it generated $50,000 per month in revenue from the Miami Beach store as of February, with $600,000 in projected sales this year.
"Consumer demand for electric bikes is astronomical with an estimated annual global market of $41.1 billion today, which is expected to grow to $70 billion by 2027," Figueredo said. "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."
CEO and co-founder Josh Squire leads the management team. Squire launched and operated more than 20 shared micromobility locations throughout the U.S. He also launched a rental tour chain. Additionally, he received the first U.S. patent for bicycle rental automation and founded the HOPR shared mobility platform.
The minimum investment is $100 and the campaign's valuation cap is $10 million. Investors through a "Crowd SAFE" contract obtain rights to receive certain company stock at a later date, in connection with a specific event.
