Swiftmile Completes Series A Financing

SAN CARLOS, Calif., July 8, 2020 /PRNewswire/ -- Swiftmile, developers of light electric vehicle (LEV) charging systems, today announced the closing of its $5 million Series A Financing. The round, led by San Francisco-based Thayer Ventures, also included Alumni Ventures Group and Verizon Ventures, long-time strategic investors in Swiftmile. Mark Farrell, partner at Thayer Ventures, now joins the Swiftmile Board of Directors.

"I am so proud of our team in reaching this important milestone in our company's history," Colin Roche, Swiftmile CEO, said. "We believe now more than ever is the time to invest in sustainable infrastructure. City leaders are eagerly searching for ideas to improve transportation options for their citizens and we are thankful for the role we play in helping to make smart and efficient transportation a reality."

Swiftmile, pioneer in the field of light electric vehicle charging, has built upon this success by partnering with both cities and micromobility operators to provide sustainable, state-of-the-art, in-field parking and charging for electric bikes, scooters, and e-mopeds. The Swiftmile stations are remotely monitored and controlled, and can be powered by its smart connection to the grid, swappable batteries, solar power, or through a combination of multiple input power sources. With the addition of digital signage on its stations, Swiftmile takes advantage of ad-sponsorships to deploy much needed infrastructure cost effectively for its customers.

"Swiftmile is delivering the core infrastructure for the future of micromobility," said Mark Farrell, Partner at Thayer Ventures. "Colin and his team have proven they have the ability to scale Swiftmile globally, which comes at a critical time when cities across the globe are demanding this kind of smart infrastructure given the negative impact COVID-19 has had on ridership in public transportation."

About Swiftmile

Swiftmile, the leading provider of scalable Micromobility parking and charging systems, provides valuable infrastructure for alternative transportation solutions for short city distances, reducing harmful carbon emissions. The company helps to solve the pollution pain point caused by single-rider commuter vehicles through its proprietary platform in major markets around the world. The Swiftmile stations can serve both programmatic Digital Out-Of-Home and static advertising allowing local governments to remind the public how to stay safe during the COVID-19 outbreak. For more information, visit www.swiftmile.com.

About Thayer Ventures

Founded in 2009, Thayer Ventures has built the preeminent venture platform for travel and transportation entrepreneurs to leverage unequaled counsel from our experienced team, strategic LPs, industry-leading advisors and the entire Thayer portfolio ecosystem. For more information, visit www.thayerventures.com/

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SOURCE Swiftmile