Electric bike-sharing startup Wheels raises $50 million in latest funding round

FILE PHOTO: The E-bike sharing company Wheels rents their version of the electric scooter on a sidewalk in San Diego, California, U.S., March 17, 2019. REUTERS/Mike Blake

(Reuters) - Electric bike-sharing startup Wheels said it has raised more than $50 million in its latest funding round led by venture capital firm DBL partners, as the company looks to expand into the U.S. and international markets.

DBL Partners' founder and managing partner Ira Ehrenpreis, who is also a board member at Tesla Inc TSLA.O, will join Wheels' board, a source familiar with the matter told Reuters on Tuesday.

DBL Partners is also an investor in Tesla, according to its website.

A dozen electric scooter companies have received more than $1.5 billion in investments in total to date, according to a report issued earlier this year by Boston Consulting Group.

Bird, an electric scooter rental company, said earlier this month it had raised $275 million in a funding round. (

Wheels, co-founded by brothers Joshua Viner and Jonathan Viner, has raised about $90 million since inception last year.

Its latest series A funding round also included TDK Ventures, the venture arm of TDK Corp, the company said.

Reporting by Akanksha Rana in Bengaluru; Editing by Shinjini Ganguli