Boosted, a Mountain View, California-based producer of last-mile electric vehicles, including the Booster board, has raised US$60 million in a Series B financing.
The round, which brings total funding to more than US$70 million, was led by Canadian venture capital firm iNovia Capital and U.S. firm Khosla Ventures. They were joined by Series A investors.
Patrick Pichette, an iNovia general partner, will take a preferred board seat.
Boosted said it will use the funds raised for global growth and to introduce new products that leverage the company’s light electric vehicle technology.
Boosted, Inc. Announces $60 Million Series B Financing to Fuel Global Growth and Re-invent Last-Mile Transportation
Company Plans to Expand to New Light Electric Vehicle Form Factors
December 20, 2018
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Boosted, Inc., the leading provider of high-performance last-mile electric vehicles including the ubiquitous Boosted board, announced they have raised $60 million in Series B financing, bringing the total funding to date to more than $70 million. Khosla Ventures and iNovia Capital co-led the round, with participation from Series A investors including Stanford-StartX Fund and Bay Meadows. Patrick Pichette, former Google CFO and current partner at iNovia Capital, will move from his existing independent board position to a preferred board seat.
Boosted’s mission is to reinvent last-mile transportation to be fun, fast, and simple for everyone. Best known for the Boosted board, a high-performance electric skateboard used as a commuter vehicle in 34 countries, Boosted will use the new financing to further power global expansion and introduce multiple new vehicles that leverage Boosted’s signature, superior light electric vehicle technology, and performance.
“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,” says Boosted CEO Jeff Russakow. “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. Boosted has been perfecting street-quality technologies for the electric skateboard market for years where the vehicles must be incredibly high performance and durable, and only regenerative braking is even an option! Once we install our unique powertrain technology into other light vehicle types, they become Boosted-quality vehicles overnight versus what is out there today.”
Boosted has been producing light electric vehicles since 2012, and has grown tenfold since 2016. Frequently recognized year after year as the leader within the electric skateboard class, the company’s newest product, Boosted Mini, was recently recognized by Time Magazine as one of the Top Inventions of 2018. Eighty-two percent of Boosted riders use a Boosted board as part of their commute and have collectively covered more than 20 million miles to date.
“With most city trips today coming in at less than 3-5 km, the new technology in light electric vehicles offer an unparalleled advantage for speed, convenience, cost, environmental footprint, and fun,” said Patrick Pichette, partner at iNovia. “There’s a profound trend in the making with mobility right now – one that will touch billions of people – and we’re excited to be part of it.”
“We have really enjoyed partnering with the Boosted team these last few years to build an iconic brand backed by innovative technology, superior design, and world-class service,” said Samir Kaul, partner at Khosla Ventures. “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. From day one, Boosted has been built as a scalable light electric vehicle company that can expand its portfolio to all kinds of vehicle form factors, including perfecting the vehicle types we see on the street today, and introducing others that are more novel. We’re very much looking forward to 2019 and sharing what is coming next.”
Boosted is reinventing last-mile transportation to be fun, fast, and simple for everyone. With more than 20 million miles logged, Boosted is the leading producer of electric skateboards and is currently distributed in 34 countries. Boosted was founded in 2012, going through the Y Combinator and Stanford StartX accelerator programs. It is now a global growth company headquartered in Mountain View, Calif. For more information, visit www.BoostedBoards.com.