Velotric raises $29.9M Series C to build exoskeletons and golf carts
What's the deal? VelotricDealroom has a profile for this one. Try Dealroom →, a Shenzhen-based mobility tech brand, has raised US$27.5M (roughly $29.9 million) in a Series C round led by Guoshou Equity, with Amber CapitalDealroom has a profile for this one. Try Dealroom → and existing backers participating. The company will use the money for core technology research, new product categories, and building out its global organisation.
Why now? Founded in 2021 by former Lime co-founder Adam Zhang, Velotric has grown e-bike revenue at a compound rate of nearly 100% over five years. By sales, it became a leading e-bike brand in North America across the first three quarters of 2026.
By the numbers: Velotric's average terminal selling price has climbed to $1,800, and for three straight years new products have contributed 50% of annual revenue. Its 2025 e-bike return rate sits at 0.5%, and its net promoter score has held above 70 for three years.
What's the endgame? Velotric plans to enter two new categories: consumer exoskeleton robots and golf carts. The exoskeleton line will focus on light outdoor hiking rather than extreme performance, while the golf cart push targets a $10,000–$20,000 price band the company sees as underserved as US communities open public roads to the vehicles.
Founder Adam Zhang said the company cares about "the underlying logic of growth, rather than short-term results," arguing that e-bikes, exoskeletons, and golf carts share a common foundation.
The edge: Velotric counts more than 1,600 independent bike dealers across North America, with a sales team of over 40 people and no qualified-dealer churn. Within a 50-mile radius, its dealer network reaches over 90% of US middle-class communities — a base it intends to use for launching new products.
What could go wrong? Moving from e-bikes into exoskeletons and golf carts stretches the brand across hardware categories with different engineering and regulatory demands. Velotric's dealer network and pricing power are built on bikes, and neither advantage transfers automatically to new products.
The signal: The round sits near the middle of comparable deals by size, suggesting measured investor conviction rather than a blockbuster bet. Backers are wagering that a disciplined e-bike operator can repackage electrified, intelligent mobility across adjacent consumer categories — and that its North American distribution moat is worth more than any single product line.
Read more: sohu.com
Image credit: Velotric
