Ubco, an electric utility bike startup, based in New Zealand, announced that it raised USD 10 Million in funds on 22.06.21. The funding round was led by Nuance Capital, TPK Holdings, and Seven Peak Ventures.
The company plans to expand globally and give more stress to the US market and extend its service of a commercial subscription business. It also hopes to keep expanding in the verticals in which they already exist, like postal services, food delivery and last-mile logistics.
About Ubco
Ubco was founded by Anthony Clyde, Daryl Neal and Timothy Allan in April 2015, having its headquarter in New Zealand. It is a tech-based company which develops, designs and distributes UAVs (Utility Electric Vehicle) and Portable power supply.
The company has worked with Domio’s in New Zealand and in the UK. It also worked with some national clients like New Zealand Post, the Department of Conservation and Pāmu, the Defense Force and some of the local stores and restaurants.
Ubco has launched two versions of the 145-pound UEV that seems to appear like a dirt bike. The original off-road vehicle, the Work bike and the Adventure bike that’s made for the city rides but can handle the off-road rush.
According to the spokesperson of the company, Ubco expects to gather revenue to reach USD 8.4 in 2021, it had a revenue of USD 2.1 Million in 2020. The company subscription model which costs nearly between USD 50 to USD 60 per week is the source to increase their revenue. The company is beginning to launch its services in New Zealand, Australia, the U.K., Europe and the U.S. this year.
Words from the CEO –
“We have a strong enterprise market in New Zealand and have developed a strong pipeline of sales internationally,” Timothy Allan, CEO and co-founder, Ubco.
“Like when you design a battery, fuck putting fire retardant foam into it because you can’t get it back at the end of life,” he said. “So it starts with correctly labelling, engineering with intent so that you’re designing for this type of assembly, and then your business or commercial system needs to support the concept. Now, we’ve got the advantage because the economics and incentives are aligned and that all align with New Zealand’s product stewardship legislation.”
“This is a part of your journey with us as a customer,” said Allan. “If we can design subscriptions and the life of the vehicle in such a way that you feel good about it, that’s where we’re driving from. Most people want to do the right thing, and we can provide something that logically fits the economics, can be done at scale and can be managed holistically.”
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