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Boosted Boards Nabs $60 Million Series B Funding

image : Boosted

Electric skateboard manufacturer Boosted has raised $60 million Series B funding co-led by Khosla Ventures and iNovia Capital with participation from existing investors Stanford-StartX Fund and Bay Meadows. This rounds brings the total raised by Boosted to over $70 million and will see former Google CFO and iNovia partner Patrick Pichette move from an existing independent board position at the company to a preferred board seat.

"Today’s generation is quickly adopting light electric vehicles as a superior way to commute, saving both time and money over existing options while enjoying the ride," Boosted CEO Jeff Russakow says. "However, the majority of lightweight vehicles on the street today are leisure-grade or toy-grade products, when riders need vehicle-grade products that provide exceptional acceleration and braking performance, safety, durability, and superior design."

image : Boosted

"Boosted has been perfecting street-quality technologies for the electric skateboard market for years where the vehicles must be incredibly high performance and durable, and only regenerative braking is even an option! Once we install our unique powertrain technology into other light vehicle types, they become Boosted-quality vehicles overnight versus what is out there today.""

Best known for the Boosted Board with origins in a massively successful Kickstarter campaign, Boosted has grown tenfold since 2016 and says riders have clocked over 20 million miles on its electric skateboards till date. The company has released several models which include the Boosted Mini S, Boosted Mini X, Boosted Plus and Boosted Stealth.

A Boosted Board rider

image : Boosted

"With most city trips today coming in at less than 3-5 km, the new technology in light electric vehicles offer an unparalleled advantage for speed, convenience, cost, environmental footprint, and fun," iNovia partner Patrick Pichette said. "There's a profound trend in the making with mobility right now - one that will touch billions of people - and we're excited to be part of it."

"It’s clear that the transportation market is in dire need of a company who can rethink last-mile transportation and light electric vehicles from the ground up - the way Tesla did in electric cars, and Apple has done repeatedly in computers, smartphones, and media."Khosla Ventures Partner Samir Kaul added.


image : Boosted

"From day one, Boosted has been built as a scalable light electric vehicle company that can expand its portfolio to all kinds of vehicle form factors, including perfecting the vehicle types we see on the street today, and introducing others that are more novel. We’re very much looking forward to 2019 and sharing what is coming next."




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