It’s only been Three years later when they hit the streets and Revell’s blue electric mopeds have already become a common sight in a growing number of cities in New York, San Francisco, and America. However, Frank Reig, the founder and CEO of Revel, has set his sights far beyond building a shared moped service.
In fact, since early 2021, Revell has launched an e-bike subscription service, an EV charging station venture and an all-electric rideshare service operated by a fleet of 50 Teslas.
So we talked with Reig about what he learned from building the company, how Revell’s business strategy evolved and what happened next.
Before we move on to the good stuff, here is some background:
The idea for Revell seems as if it came from the classic entrepreneur’s guidebook: Reg had a need that was not addressed by any current company. He used mopeds as a major, if not major, form of transportation, as he traveled to Europe, Asia, and Latin America, and he wondered why this logical (and fun) mode of transportation from American cities Was absent in general, and in his hometown, New York City in particular.
So in 2018, Rig quit his job, raised $ 1.1 million from 57 people, and started a small pilot program with 68 mopeds in Brooklyn. In May 2019, he raised $ 4 million in VC funding, helping him expand 1,000 electric mopeds in Brooklyn and Queens. According to Revel in September 2019, Revel acquired another $ 33.8 million, which included funding from Ibex Investments, Toyota Ventures, Maniv Capital, Shell and Hyundai. This has allowed the founder to execute a grammar plan to create an electric mobility company.
The company now operates more than 3,000 e-mopeds in New York City, and more than 3,000 in Washington, DC, Miami, Oakland, Berkeley and San Francisco.
ClearTips: You’ve added three new business lines and told us earlier that you have more on the way. this is too much.
Frank Rig: Yes, we have started busy by 2021! We began the year by announcing our fast-charging stations across the city that would help fill a large gap in infrastructure to support the widespread scale adoption of EVs. We launched our e-bike membership program to offer New Yorkers another way to navigate their city, and with our newly announced Electric Ride-Sharing program, we were looking at EV charging and the “Chicken and Egg” problem Are solving We are focused on building these business lines and our moped business and look forward to the times ahead.
When shared microbeability companies expand, they often offer different vehicles. You might think, “Well, we’ll offer a different vehicle – an e-bike, but it’s a subscription. And we’re also doing electric vehicle chargers, and let’s add EV rideshare to the mix.” It’s very broad.
If we are talking about the dynamics of electrification in major cities, it starts with infrastructure. And we are rolling up our sleeves to the company and building that infrastructure and operational fleet. Because a city like New York does not have the infrastructure for power mobility.
There are some Tesla superchargers around the city, usually behind parking pavils, so you’ll have to pay the garage to use it. And, of course, you also need Tesla for the infrastructure that is relevant. And when you think of other public fast-charging access points in the city, they are few and far between. We are building 30 in one site and beyond in 2021.
New York is a complex city to operate, so it is easy for us to add e-bikes as a service because I already have the infrastructure and ground running operations that we built with mopeds. I have many warehouses throughout this city. I have a full-time staff I have employed, ranging from field technicians to mechanics and a fleet of over 3,000 vehicles on the roads in New York. So it is a natural extension of the platform to be able to reach a new type of user, or to add another product to complement the use case of our current moped users. We only needed to finance a few e-bikes, and then you have another line of business.