Wheels announces oversubscribed round of more than $50 million led by DBL Partners

Wheels announced a funding round of more than $50 million led by DBL Partners.

“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,” said Ira Ehrenpreis, founder and managing partner, DBL Partners. “Wheels is solving these issues with its safety-focused product design, including the upcoming release of its integrated helmet technology, a more sustainable business and maintenance model, and a mass-market design that appeals to a wider gender and age demographic.”

Wheels says its e-bike has large wheels, a low center of gravity and a shareable and smart helmet system that is integrated directly into the bike. It also has a modular design to allow for swappable replacement parts, and to help foster continued improvements and a longer product life cycle. Finally, Wheels uses swappable batteries, which the company says improves unit economics.

“This is a much more appealing form factor. Head-to-head with stand-up scooters, we have seen the Wheels bike gain share because it is much more appealing to women and to people over 35,” said Duncan Davidson, general partner at Bullpen Capital.

Wheels is expanding into additional U.S. and international markets in the coming months.

“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,” said Joshua Viner, co-founder and CEO, Wheels.