The micromobility market has shot up in value since companies like Lime and Bird first hit the scene in 2017. The market was worth $48.11 billion in 2021, according to Precedence Research, and by 2030, it is predicted to be worth $198.03 billion.
Chicago-based Veo contributed to this growing market last year after it raised a $16 million Series A to scale the production of its first scooters, bikes and e-bikes. The plan then was to use the fresh funding to launch its micromobility programs in New York City and Santa Monica.
Since announcing its intent to launch in California, Veo has established over 700 vehicles in Santa Monica. Seemingly gaining quick momentum on the West Coast, Veo announced on Wednesday that it opened its second headquarters in Santa Monica on the Third Street Promenade.
“Santa Monica is a very active community with a high adoption rate for both personal and shared micromobility,” Veo CEO and co-founder Candice Xie told Built In via email. “It’s a perfect place for us to work to further improve our product, service quality and get inspired for the next form factor that we can build to meet our users’ needs.”
Veo has a safety-first approach to shared micromobility. Features on its vehicles include e-swappable batteries, turn signals and under-deck lighting to alert users to pick up the fallen vehicles.
With the new office opening, the startup plans to hire 300 employees by the end of 2022, a bulk of which will be based in Santa Monica.
Xie told Built In that the new office will focus on product development and user experience improvement. The company also plans to soon expand its reach to Los Angeles.
Veo will not mandate employees working in the new office; instead, it will work as a collaborative space to support its existing hybrid work culture.
“We plan to host company activities out of the office like an all-company meeting this year in Santa Monica, monthly happy hours, volunteer workgroups and frequent scooter rides together,” Xie said.
