Electric Bike Startup SWFT Nabs $10 Million in Seed Funding to Change the Way People Move

By Adriaan Brits | Thursday, October 14, 2021 | Startup, Tech

The New-York based electric bike startup company SWFT announced today it raised $10 million in its seed business funding round.

SWFT ebikes.

Tackling Radical Cultural and Behavioral Changes Post COVID-19

The seed business funding round was led by David Liniado, a co-founder of On Spec and a former partner at Cox Automotive. The startup company also attracted funding from other strategic angel investors, including Martin Lauber, Mark Joseph, and David Zwick.

On Spec, a New York City-based studio that designs innovative brands using its unique shared services platform developed SWFT over the past year. The idea behind the electric bike business is to address radical cultural and behavioral changes as a result of the global COVID-19 pandemic and climate crisis. 

The startup company’s foray into the electric bike industry is spearheaded by Liniado, who spent more than thirty years as an entrepreneur and a Vice President (VP) for Cox Automotive’s Mobility Solutions unit. The brand provides a group of mobility solutions, including three new electric bikes and electric mopeds.

"I am thrilled to support the SWFT team on their path of impressive growth. We know that consumers are increasingly seeking out alternative modes of transportation, like e-bikes, as quick and efficient ways to travel, and there's no more experienced or equipped team to enter the market than this one,” said Mark Joseph, chief executive officer of Mobitas Advisors. 

The shift toward electric mobility continues to gain traction and SWFT’s solutions represent a sleek alternative to cars and public transportation. The startup company also plans to use raised business funding to launch a complete line of fully integrated personal electric vehicles (EVs), including electric motorcycles and a low-speed EV next year. 

The electric bike business says it is on a mission to provide safe and eco-friendly means of transportation for both consumers and commercial partners for delivery services.

"Personal e-mobility is a generational shift and we are proud to introduce SWFT to the market. We created SWFT not only to change how people move, but to change how they feel about movement," says David Liniado, co-founder and CEO of SWFT. 

Liniado added that the startup company is also developing a three-wheel vehicle that is expected to hit the market in early 2023 due to SWFT’s proprietary designs. The team behind the e-mobility startup company has been in the industry for more than ten years and has collectively sold $2 billion of products. 

SWFT recently made several new hires which include Kate Panek (CFO), who previously worked at General Electric; Michelle Wainwright, the new General Manager: Maggie Sause, the new Creative Director; and Jo Tran, the new VP of Production Operations at the electric bike startup company.

The raised business funding will be utilized to have 10,000 riders in the US by the end of 2021 and have that figure increased significantly next year. The startup company is currently investing in collaborations with fashion brands to advertise its products and plans to launch pop-up stores in the second half of 2022.

Summary

Electric bike startup SWFT secured $10 million in a seed business funding round led by co-founder and CEO of SWFT and co-founder of On Spec, David Liniado.


About the Author

Headshot for author Adriaan Brits

As an analyst of global affairs, Adriaan has an MSC from Oxford, with diverse interests in the digital economy, entertainment, and business. He is a specialist trainer in Advanced Analytics & Media.

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