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XVeo CEO Candice Xie Is Bringing an Anti-Tech Bro Approach to Micromobility

Yet another micromobility startup will soon call Los Angeles home, bringing its two-wheel sensibilities to what’s long been a four-wheel city.
Veo, an e-scooter and e-bike-sharing startup, will open its new headquarters on Santa Monica’s Third Street Promenade later this month. Originally hailing from Chicago, Veo plans to hire up to 200 employees locally, as it outlined in application documents filed with local authorities. The company currently operates in more than 25 cities, including Santa Monica, and plans to launch across wider Los Angeles by the end of this month.
“With this kind of active user base year round, it’s like heaven for us,” according to Veo CEO Candice Xie. Both Xie and her co-founder, Veo president Edwin Tan, have moved to the L.A. area as part of the relocation.
Founded in 2017 as a bike-sharing startup, Veo has since expanded to include e-scooters in its offerings. It is also the only major micromobility operator run by a female CEO. Xie and Tan were inspired to launch Veo after witnessing the bike-share boom in Asia, but their ambitions were decidedly greener: Rather than sourcing cheap bikes that would eventually end up in a landfill, they wanted to build their own quality product and provide a scalable, sustainable service for communities.
Veo CEO Candice Xie.
Image courtesy of Veo
Tan, formerly an engineer for bicycle manufacturer Trek, brought his experience in manufacturing and supply chain logistics, while Xie—a former financial planner for Schneider Electric—brought her business background. They initially named the company VeoRide, as in “we all ride.”
As Veo grew its offerings from bikes and e-bikes to e-scooters in 2019, it continued its commitment to accessibility for all riders across socio-economic demographics. That’s a notable goal given how, according to a 2020 report by the L.A. Department of Transportation on the county’s micromobility pilot program, 64% of riders identified as male, 58% were aged 18-to-34 and nearly a quarter earned over $100,000.
After Veo built its first standup scooter in 2019, Xie saw an opportunity to develop a product that could appeal to a more diverse user base. “As a woman—and I cannot speak for all women—I am a more risk-averse person,” she said. “So standing there [going] 15 miles per hour, with cars riding side-by-side with me, made me a little bit freaked out.”
In 2020, Veo debuted the Cosmo, a sit-down e-scooter with a larger wheelbase and lower center of gravity. Xie said that they wanted to appeal to women who might wear high heels or skirts to work, as well as older users who would feel more comfortable sitting down. A Veo user survey last year found that women, people with disabilities and riders taking longer trips all preferred it to Veo’s standup scooter.
Xie believes that the future of micromobility is in a multi-model approach.
“I don't believe it if someone says, ‘This is the perfect scooter,’” she said. “No, it's not; we're just a couple of years into this industry. There are still a lot of things we can build from the safety, sustainability and inclusivity side.”
Veo plans to roll out more vehicle types and features, appealing to a wide range of users and use cases, in the coming months.
So far, it seems like Veo’s city-by-city strategy is paying off. It’s the only company operating in both Santa Monica and New York City—where, alongside Bird and Lime, it’s part of the Big Apple’s recently launched micromobility pilot program. (Bird was notably kicked out of Santa Monica last year, while Lime pulled out of the city in 2020.) Veo also raised $16 million in new funding last year to support its expansion into new markets.
Xie noted that cities are maturing in their approach toward micromobility after the industry’s tumultuous beginnings, with municipalities choosing companies that are willing to operate as community partners rather than chasing riders at all costs.
In December 2020, Xie took to Medium to call out other operators for prioritizing rapid growth at the expense of building a sustainable business model. She pointed out that Veo—and not Lime, as that company’s CEO Wayne Ting had intimated—was the first micromobility company to achieve profitability.
While Xie does not hesitate to throw down the gauntlet, being a female CEO is not without its challenges. She mentioned one investor forum where, as the only woman in the room, another attendee handed her his drink thinking that she was a server.
“A lot of products used by females are actually designed by males,” she said. “And I do think that’s something that needs to be improved.”
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Genies Wants To Help Creators Build ‘Avatar Ecosystems’
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
When avatar startup Genies raised $150 million in April, the company released an unusual message to the public: “Farewell.”
The Marina del Rey-based unicorn, which makes cartoon-like avatars for celebrities and aims to “build an avatar for every single person on Earth,” didn’t go under. Rather, Genies announced it would stay quiet for a while to focus on building avatar-creation products.
Genies representatives told dot.LA that the firm is now seeking more creators to try its creation tools for 3D avatars, digital fashion items and virtual experiences. On Thursday, the startup launched a three-week program called DIY Collective, which will mentor and financially support up-and-coming creatives.
Similar programs are common in the startup world and in the creator economy. For example, social media companies can use accelerator programs not only to support rising stars but to lure those creators—and their audiences—to the company’s platforms. Genies believes avatars will be a crucial part of the internet’s future and is similarly using its program to encourage creators to launch brands using Genies’ platform.
“I think us being able to work hands on with this next era—this next generation of designers and entrepreneurs—not only gets us a chance to understand how people want to use our platform and tools, but also allows us to nurture those types of creators that are going to exist and continue to build within our ecosystem,” said Allison Sturges, Genies’ head of strategic partnerships.
DIY Collective’s initial cohort will include roughly 15 people, Sturges said. They will spend three weeks at the Genies headquarters, participating in workshops and hearing from CEOs, fashion designers, tattoo artists and speakers from other industries, she added. Genies will provide creatives with funding to build brands and audiences, though Sturges declined to share how much. By the end of the program, participants will be able to sell digital goods through the company’s NFT marketplace, The Warehouse. There, people can buy, sell and trade avatar creations, such as wearable items.
Genies will accept applications for the debut program until Aug. 1. It will kick off on Aug. 8, and previous experience in digital fashion and 3D art development is not required.
Sturges said that the program will teach people “about the tools and capabilities that they will have” through Genies’ platform, as well as “how to think about building their own avatar ecosystem brands and even their own audience.”
Image courtesy of Genies
Founded in 2017, Genies established itself by making avatars for celebrities from Rihanna to Russell Westbrook, who have used the online lookalikes for social media and sponsorship opportunities. The 150-person company, which has raised at least $250 million to date, has secured partnerships with Universal Music Group and Warner Music Group to make avatars for each music label’s entire roster of artists. Former Disney boss Bob Iger joined the company’s board in March.
The company wants to extend avatars to everyone else. Avatars—digital figures that represent an individual—may be the way people interact with each other in the 3D virtual worlds of the metaverse, the much-hyped iteration of the internet where users may one day work, shop and socialize. A company spokesperson previously told dot.LA that Genies has been beta testing avatar creator tools with invite-only users and gives creators “full ownership and commercialization rights” over their creations collecting a 5% transaction fee each time an avatar NFT is sold.
“It's an opportunity for people to build their most expressive and authentic self within this digital era,” Sturges said of avatars.
The company’s call for creators could be a sign that Genies is close to rolling out the Warehouse and its tools publicly. Asked what these avatar tools might look like, the startup went somewhat quiet again.
Allison Sturges said, “I think that's probably something that I'll hold off on sharing. We will be rolling some of this out soon.”
- Bob Iger, Former Disney CEO, Joins Avatar Startup Genies - dot.LA ›
- Genies Raises $150 Million To Make Avatars For The Metaverse ... ›
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
Here's What To Expect At LA Tech Week
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
LA Tech Week—a weeklong showcase of the region’s growing startup ecosystem—is coming this August.
The seven-day series of events, from Aug. 15 through Aug. 21, is a chance for the Los Angeles startup community to network, share insights and pitch themselves to investors. It comes a year after hundreds of people gathered for a similar event that allowed the L.A. tech community—often in the shadow of Silicon Valley—to flex its muscles.
From fireside chats with prominent founders to a panel on aerospace, here are some highlights from the roughly 30 events happening during LA Tech Week, including one hosted by dot.LA.
DoorDash’s Founding Story: Stanley Tang, a cofounder and chief product officer of delivery giant DoorDash, speaks with Pear VC's founding managing partner, Pejman Nozad. They'll discuss how to grow a tech company from seed stage all the way to an initial public offering. Aug. 19 at 10 a.m. to 12 p.m. in Santa Monica.
The Founders Guide to LA: A presentation from dot.LA cofounder and executive chairman Spencer Rascoff, who co-founded Zillow and served as the real estate marketplace firm’s CEO. Aug. 16 from 6 p.m. to 9 p.m. in Brentwood.
Time To Build: Los Angeles: Venture capital firm Andreessen Horowitz (a16z) hosts a discussion on how L.A. can maintain its momentum as one of the fastest-growing tech hubs in the U.S. Featured speakers include a16z general partners Connie Chan and Andrew Chen, as well as Grant Lafontaine, the cofounder and CEO of shopping marketplace Whatnot. Aug. 19 from 2 p.m. to 8 p.m. in Santa Monica.
How to Build Successful Startups in Difficult Industries: Leaders from Southern California’s healthcare and aerospace startups gather for panels and networking opportunities. Hosted by TechStars, the event includes speakers from the U.S. Space Force, NASA Jet Propulsion Lab, Applied VR and University of California Irvine. Aug. 15 from 1 p.m. to 5 p.m. in Culver City.
LA Tech Week Demo Day: Early stage startups from the L.A. area pitch a panel of judges including a16z’s Andrew Chen and Nikita Bier, who co-founded the Facebook-acquired social media app tbh. Inside a room of 100 tech leaders in a Beverly Hills mansion, the pitch contest is run by demo day events platform Stonks and live-in accelerator Launch House. Aug. 17 from 12:30 p.m. to 3 p.m. in Beverly Hills.
Registration information and a full list of LA Tech Week events can be found here.
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
Rivian Q2 Earnings Are a Much-Needed Nothing Burger
David Shultz is a freelance writer who lives in Santa Barbara, California. His writing has appeared in The Atlantic, Outside and Nautilus, among other publications.
Rivian, the fledgling electric vehicle startup in Irvine, CA, released its Q2 earnings yesterday. I’m happy to report they’re pretty boring! There were no big surprises from RJ Scaringe’s EV hopeful, but here are the report highlights:
- ~$15 billion of cash, cash equivalents, and restricted cash as of June 30 2022.
- 98,000 net R1 preorders
- Amazon has ordered 100,000 electric delivery vans
- Rivian has produced 8k vehicles so far
- The company is still on pace to deliver 25,000 vehicles in 2022
- -Actual revenue was $364 million.
If you’ve been paying close attention to Rivian, none of these numbers are new or surprising. Revenue was a bit higher than anticipated–about 10% more than the $337.5 million expected. But even with the revenue bump, the company remains heavily in the red—as expected. Rivian lost $1.7 billion in Q2.
At its current burn rate, Rivian could run out of cash in about two and a half years. Obviously, the company will need to increase production to avoid this. Part of that effort will involve the company’s third consumer vehicle, the R2, which will be cheaper than the R1T and R1S models currently on offer. R2 production is expected to take place at Rivian’s gigafactory in Georgia, set to come online in 2025. Scaringe has indicated he believes the company has sufficient cash on hand to reach that milestone.
Rivian’s stock price has remained basically flat since the earnings call–a welcome change from the company’s turbulent spring. In the run up to the earnings call, some analysts were forecasting as much as a 12 point swing in either direction.
Boring Q2 numbers may actually be a good sign for the embattled EV maker. An even better sign would be positive cash flow, but the newest numbers indicate that milestone is likely still a few years away at the very least.
- Rivian Delays SUV Delivery - dot.LA ›
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David Shultz is a freelance writer who lives in Santa Barbara, California. His writing has appeared in The Atlantic, Outside and Nautilus, among other publications.