Electric mobility startup Swft has raised $10 million in seed funding, which it will use to expand its light-duty vehicle offerings, grow its team, and enhance its inventory management and supply chain systems. The company, which already has deals to introduce three of its new e-bikes and a new e-moped with Best Buy, is looking for more retail partnerships.
Swft officially launched as a direct-to-consumer business in February 2020 and has grown over the past year within NYC-based venture advisory firm On Spec. It first launched an electric hoverboard in December, followed by an e-bike and an e-moped in August. Now, as the company establishes itself as a brand, it is taking quick steps to build a full line of personal EVs over the next 18 months, said David Liniado, co-founder and CEO of Swift and of OnSpec. According to the co-founder.
With strong competition from established companies such as Red Power Bikes, VanMoof, Cowboy and Aventon, the young company joins the multitude of e-bike manufacturers who are keeping up with the growing demand in the industry. According to one, demand is likely to remain high in the coming years Market research firm NPD reports, Which found that e-bike sales grew 240% from July 2020 to July 2021, while general cycling equipment grew only 15%. If Swft can navigate global supply chain issues and meet that demand with its low-cost vehicles, it may be able to get a piece of that pie.
Liniado thinks logistics is where Swift has an edge. The CEO previously served as Cox Automotive’s VP of new ventures and business development, where he found a taste for the freedom that micromobility can afford. One of his co-founders, Joy Wahba, was formerly the CEO of electronics manufacturing company DGL Group. Combined, the two were able to develop a “really comprehensive supply chain for parts,” which has allowed Swft to secure at least 90% of its expected product from its vehicle manufacturing partners in China. Liniado says Swift is also on track to touch all of its stock on American soil by Christmas, a true holiday miracle.
Expanding its lineup to reach more use cases could help with this. In 2022, the Scrappy startup intends to launch a street legal and off-road e-motorcycle, which will be available to both consumers and commercial distribution partners. Swift also wants to build a low-speed four-wheeler next year, similar to the two-seat convertible, which Liniado says is currently being tested in the US.
“The last of our expansion plans is the development of a three-wheeled vehicle that looks like a Vanderhall, but with our own proprietary designs, which will be ready for launch in early 2023,” Liniado told Nerdshala. “We are really excited about how they are all progressing because of our deep, longstanding relationships with our partners on the supply chain and product development side.”
Swft’s supply chain savvy has not only helped the company secure vehicles, but Liniado says it’s the reason the company can provide products at a good price point. The Fleet e-bike, a beach cruiser and the Volt, a steel road bike, both priced at $999, can hit a top speed of about 20 mph and have a range of 37 and 32 miles, respectively. The heavy-duty, Lowrider Zip, complete with thick tires, costs $1,399. For comparison, the latest entrants of RED Power Bikes are priced at .RedRover 6 Plus and . is approximately $1,999 for $1,799 for the Radcity 5 Plus.
“Our whole mantra with Swift is affordable luxury and bringing electric mobility to the masses,” said Liniado.
Swft aims to have 10,000 riders in the United States by the end of this year and expects to be “many times more” for next year. To get there, Swft is investing in collaborations with fashion brands, as well as providing potential buyers with ways to test vehicles, rent-to-own models, more partnerships and pop-up Swft stores. is looking for The second half of 2022 according to Liniado.
The company has aggressive plans for the future, says Liniado, so more money will soon be needed to make all these dreams come true. In the first quarter of next year, Swft aims to raise Series A between $25 million and $50 million. Its current round of funding comes from strategic angel investors Martin Lauber, 19 York Managing Partner, Mobitas Advisors CEO Mark Joseph, and David Zwick, former CEO of Transdev and Managing Director of RedCap Technologies.