Veo Opens West Coast Headquarters in Santa Monica
Exponential Growth in 2021 Fuels Expansion
SANTA MONICA, Calif., March 2, 2022 /PRNewswire/ -- Veo, the first profitable micromobility company, today announced the opening of its second corporate headquarters in Santa Monica, Calif. The Santa Monica office, located on the Third Street Promenade, will help facilitate Veo's continued growth along the West Coast. The company will maintain its headquarters in Chicago, where it has operated since 2017.
Veo entered the Santa Monica market in July 2021, when it was selected to participate in the city's second shared mobility program and today operates over 700 vehicles in the market. The fleet includes the Cosmo Pedal, the micromobility industry's first Class 2 e-bike with throttle assist, and the Astro 4 stand-up e-scooter, equipped with industry-first safety features, including turn signals and lights designed specifically for night riding.
Veo also offers Santa Monica residents Veo Access, a discounted fare program for riders who qualify for local, California State, or federal assistance programs.
The company operates micromobility fleets in more than 30 cities nationwide and currently has approximately 200 employees. Veo plans to expand its workforce by another 300 people throughout 2022, most of whom will be in the Santa Monica area.
"Our expansion across the U.S. has been steady and intentional. When we began operating in Santa Monica, the birthplace of shared mobility, we were committed to developing a long-term, collaborative partnership with the city focused on responsible business practices," said Candice Xie, Veo CEO. "As we expand in the western half of the U.S., Santa Monica was the clear choice to establish our second headquarters given the city's role as a micromobility model for cities globally."
Veo takes a fundamentally different approach to expansion than its competitors. It has grown at a responsible pace, collaborating with local partners to create environments where micromobility vehicles can be operated responsibly and ensuring every program is financially viable for the long term. This model has resulted in a 225% revenue increase for Veo in 2021 and continues to attract the attention of high-profile markets.
"Downtown Santa Monica has been the center of innovation in Southern California for more than 30 years, earning the moniker Silicon Beach because of the concentration of technology start-ups and other ground-breaking businesses. Veo's addition reinforces our district's commitment to developing solutions to the challenges of today to bring about a better tomorrow," said Mackenzie Carter, Interim Executive Director of Downtown Santa Monica, Inc. "Veo's dedication to providing people of all ages and income levels with convenient, environmentally friendly transportation options is something we embrace, and we are thrilled to welcome them to the Third Street Promenade."
Another contributing factor to Veo's success is that unlike competitors, the company designs and develops its own bikes and scooters specifically for shared use and improved safety. Later in 2022, Veo will introduce new vehicle types and will make significant enhancements to the existing devices in its product line.
About Veo
Veo is bringing the next generation of shared electric bikes and scooters to cities and universities around the world. Founded in 2017 by two Purdue University graduates, Veo operates from a set of values that distinguish us in the industry. We are grounded in financial responsibility: Veo partnered with select cities to achieve profitability before scaling. Our in-house design and manufacturing process enables us to constantly innovate and provide cities with vehicle fleets that are made to last. We develop collaborative, long-term partnerships with cities and universities so we can work together toward a sustainable, safe, and equitable transportation future. Learn more at www.veoride.com.
SOURCE Veo
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