Chinese E-Bike Startup Urtopia Banks Nearly USD10 Million in Pre-A Fundraiser Led by Lightspeed, DCM
Zhang Yushuo
DATE:  Feb 18 2022
/ SOURCE:  Yicai
Chinese E-Bike Startup Urtopia Banks Nearly USD10 Million in Pre-A Fundraiser Led by Lightspeed, DCM Chinese E-Bike Startup Urtopia Banks Nearly USD10 Million in Pre-A Fundraiser Led by Lightspeed, DCM

(Yicai Global) Feb. 18 -- Urtopia, a Chinese e-bike startup, has secured nearly USD10 million in a pre-A financing round led by Lightspeed China Partners and DCM.

The proceeds will be used for market expansion, technology research and development, and talent acquisition, the Shenzhen-based company said in a statement today.

Founded in 2021, Urtopia aims to transform e-bikes into ‘two-wheeled wearable devices,’ achieving functionality such as remote unlocking, in-bike navigation, voice control, smart torque compensation, motion data sharing, and carbon footprint tracking by using adaptive control, voice recognition, and data linkage between the bike, cloud, and app.

Urtopia is Lightspeed’s latest investment in green technology, said Zhang Yicheng, the venture capital firm’s executive director.

E-bikes have gradually replaced cars, motorcycles, and bicycles in the European and American markets over the past two years, as they allow users to enjoy riding and travel in an environmentally-friendly way, he said.

Urtopia’s e-bike is equipped with a 250-watt rear wheel hub motor and can travel up to 130 kilometers with a full charge. Its North American version has a maximum speed of 32 km per hour, versus 25 km/h for the European one.

The model was initially sold overseas through crowdfunding at an average price of USD2,500 each, with revenue from sales exceeding USD3 million. The company is now selling its e-bikes through cross-border e-commerce platforms.

Editor: Futura Costaglione

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Keywords:   Urtopia,E-bike,Investment