Velco builds integrated hardware and software connectivity solutions (hardware + SaaS) for e-bike manufacturers and fleet managers. The Nantes-based company supplies IoT devices, web and mobile apps, and APIs that let brands create their own digital ecosystems. Velco has passed 50,000 bikes equipped and reported >50% growth in 2023 while expanding from France into Europe and North America, signing its first three U.S. brand customers (FUELL, Quietkat and Vvolt). The company plans product and service innovation, including unveiling a new IoT product at Eurobike and improving its web/mobile ergonomics and feature set. Velco aims to reach profitability within the next few quarters and is focusing commercial deployment to accelerate that objective. Velco builds connected hardware and software solutions for two-wheeled vehicles (e-scooters, bikes, motorcycles) to help brands, manufacturers and transport operators optimize fleet management, detect accidents, track location and improve safety. Its platform generates high value-added data for communities and fleet managers and is already used by major urban mobility players in France. The company is targeting the European urban mobility market with an ambition to become the European market leader by 2024. Since March 2020 Velco has been supported by the EIT Digital Accelerator, which helped launch and coordinate its fundraising process. The recent financing will be used to accelerate market expansion, deploy Velco’s connected solution across France and Europe, and boost further product development. Velco has begun international roll-out efforts including opening a sales unit in the Netherlands and setting up operations in Germany, with planned expansion in 2022 to the UK, Switzerland, Austria and other Northern European countries.

Total raised

$8M

Funding rounds

2

Latest round

Equity

Latest activity

Dec 2023