- December 28, 2018
- Posted by:
- Category: venture capital funding
The Mountain View company was vague about what type of vehicle it wants to make, but says it plans to "introduce multiple new vehicles that leverage Boosted's signature, superior light electric vehicle technology and performance."
The company emerged as part of Y Combinator's Summer 2012 batch. It now employs 85 people and has become a leader in electric longboards. But with the emergence of scooters and other small "last mile" vehicles that are being developed, it looks like it wants to get in on the action.
"Today's generation is quickly adopting light electric vehicles as a superior way to commute, saving both time and money over existing options while enjoying the ride," CEO Jeff Russakow said in the funding announcement. "However, the majority of lightweight vehicles on the street today are leisure-grade or toy-grade products, when riders need vehicle-grade products that provide exceptional acceleration and braking performance, safety, durability, and superior design."
Russakow thinks Boosted has technology that can be valuable in this new world of urban transportation: "Once we install our unique powertrain technology into other light vehicle types, they become Boosted-quality vehicles overnight versus what is out there today."
The Series B round was led by Khosla Ventures and iNovia Capital and included money from Series A investors Stanford-StartX Fund and Bay Meadows.
"It's clear that the transportation market is in dire need of a company who can rethink last-mile transportation and light electric vehicles from the ground up – the way Tesla did in electric cars, and Apple has done repeatedly in computers, smartphones, and media," Khosla Ventures partner Samir Kaul said in the funding announcement.
As a result of the new investment, Patrick Pichette, who is a former Google CFO and current partner at iNovia Capital, will move from his existing independent board position to a preferred board seat.
|27/12/2018||$60,000,000||Series B||Bay Meadows, iNovia Capital, Khosla Ventures, Stanford-StartX Fund||Khosla Ventures|