If you assume about shared micromobility, Veo isn’t precisely the primary firm that involves thoughts. It’s not as widespread as rivals like Voi, Tier and Lime, and it hasn’t raised practically as a lot in enterprise capital. However as consolidation and, merely put, dangerous enterprise shapes the trade, Veo has maintained a gentle and worthwhile tempo. That’s, if CEO and co-founder Candice Xie is to be believed.
Veo, which is maybe most famous for its comfy sit-down scooters and its continued presence in New York Metropolis’s e-scooter pilot, has caught by a enterprise mannequin that appears at micromobility extra as a utility and fewer as a startup. Slightly than elevating tons of cash to broaden as shortly as doable within the hope of attaining favorable unit economics, Veo has slowly centered on being sustainable, one metropolis at a time. In June 2021, Veo was in 22 markets. As we speak, it’s in 27, virtually all of that are unique or restricted vendor contracts.
“I’m really a believer that this trade takes time to construct, and whoever survives is an important factor. Long run, who can climate all of the loopy market turbulence?” Veo CEO Candice Xie
Whereas VCs would possibly shudder at such apparently sluggish progress — Lime’s world metropolis rely is round 225 — Xie says Veo is on monitor to keep up a sustainable enterprise that continues to show over income.
We sat down with Xie one yr after our preliminary interview to speak about what’s going on with all these layoffs, why scooter ADAS isn’t all it’s cracked as much as be and the way a sustainable monetary base may also help startups climate market turmoil.
The next interview, a part of an ongoing collection with founders who’re constructing transportation corporations, has been edited for size and readability.