Unagi designs and sells lightweight electric scooters and has pivoted to a subscription-focused scooters-as-a-service model. Almost 90% of its business is now subscription-based, with customers paying $59/month for the Model One Classic and $69/month for the Model One Voyager. The company handles fulfillment, service, and operations for retail partners and will waive a $50 registration fee for customers who sign up via BestBuy.com. Unagi reports gross margins of 50% and expects to be net profitable this year. It is expanding enterprise partnerships (for example, Google offers employee reimbursement) and anticipates about 25% of subscriptions will come from the enterprise vertical. Elements of the shelved Model Eleven have been repurposed into the Voyager, and Unagi plans another scooter later this year that will incorporate more Eleven features. Unagi produces the lightweight Model One electric scooter (dual motor) and offers it both for purchase and via a monthly subscription service. The scooter retails for $990, weighs about 26 pounds, folds for easy carrying, and has an 8–15 mile range depending on usage. The subscription (priced at $49/month) covers maintenance and insurance for lost, stolen or damaged scooters and requires a $50 setup fee; the company removed a prior three-month minimum. Unagi piloted its “All-Access” subscription in New York City and Los Angeles and is expanding service to additional U.S. markets. Leadership says subscriptions are expected to become the company’s primary revenue driver as the model scales. Unagi reported 450% growth from 2019 to 2020 and says its scooters can be maintained for an expected three to five years with regular servicing. Unagi builds premium, lightweight electric scooters — notably the Model One — with foldable carbon‑fiber frames, LED screens, built‑in lights and a weight of about 24 lbs. The company sells single‑motor and dual‑motor versions priced at $840 and $990 respectively and has attracted high‑profile users including Kendrick Lamar, Chance the Rapper, Halsey, Steve Aoki and Billie Eilish. Reviewers praise its balance of speed, battery, weight, price and style but note a rougher ride due to harder airless wheels, narrow handlebars and an overly shrill horn, which the team says it will fix. Founder David Hyman partnered with inventors QMY, funded the prototype to production and brought the team in‑house; the company has a roughly 12‑person team. Demand has outstripped supply as Unagi ramps production, and the company plans to build out distribution and develop a next‑generation scooter with a smoother ride without adding weight. Unagi faces competition from better‑funded mobility giants and must emphasize safety and reliability to justify ownership over renting.

Total raised

$41M

Funding rounds

4

Latest round

Debt Financing

Latest activity

Apr 2023