West Hollywood-based electric bike-share operator Wheels Labs Inc. raised $50 million in a funding round led by San Francisco-based new investor DBL Partners Oct. 14.
The raise brings Wheels' total funding since its 2018 launch to roughly $90 million.
The new funds will aid Wheels' expansion into additional U.S. and European markets.
"Our dedication to safety and sustainability has been core to our mission from the start, and now it’s proving to be a major competitive differentiator within the market," Wheels Co-Founder and Chief Executive Joshua Viner wrote in a statement.
Wheels raised its first funding round in January. The company was founded by Viner and his brother, Jonathan Viner, after the successful launch of West Hollywood-headquartered dog walking app Wag Labs Inc.
Wheels' electric bikes first reached the streets of Los Angeles in late March.
“The micro-mobility market has the ability to continue to revolutionize the future electrification of transport, but problems of safety and sustainability are keeping the industry from reaching its true potential. Wheels is solving these issues," DBL Partners Founder Ira Ehrenpreis said in a statement.
Tech reporter Samson Amore can be reached at firstname.lastname@example.org or (323) 556-8335. Follow him on Twitter @samsonamore.
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