This Electric Skateboard Company Just Received $60 Million in a Series B Funding

Boosted, Inc. plans on expanding its footprint

Boosted Board was founded in 2012. - Credit by Boosted Board
Headshot of Ann-Marie Alcántara

In an age where it feels like everyone is fed up with public transportation and traffic, other first and last mile options like skateboards and scooters are seeing new life.

Take Boosted, Inc. an electric skateboard company founded in 2012 that just raised $60 million in a Series B round led by Khosla Ventures and iNovia Capital. The company plans on using the new flush of money to grow globally and expand into new products—right at a time when first- and last-mile transportation is heating up, as scooters continue to enter new cities.

“It’s been great to see … people recognizing that the vehicles are core to solving the last mile problem,” said Jeff Russakow, Boosted CEO. “We’re seeing this mass adoption of light electric vehicles as people are becoming aware that these vehicles exist and that they’re a practical choice.”

While Russakow declined to share exact numbers, Boosted revenue grew by 450 percent in 2017. Most of its customers are new, and 82 percent of them use a Boosted Board to commute. In total, riders have skated more than 20 million miles.

The company is in 34 countries now and plans on expanding that footprint, as well getting into new “vehicle shapes and forms.” Russakow wouldn’t reveal what this mysterious wording means, other than stating that more is coming in the first half of 2019. (Boosted’s former CEO and co-founder Sanjay Dastoor—who is now the co-founder and CEO of scooter company Skip—no longer sits on the board of Boosted Board as of this funding round.)

For what it’s worth, Russakow said Boosted is in favor of more regulation around electric vehicles from how safe it is, or where riders can park it.

“We think if people are going to ride electric vehicles in traffic we think there should be similar minimal guidelines which we can help define,” Russakow said.

@itstheannmarie Ann-Marie Alcántara is a tech reporter for Adweek, focusing on direct-to-consumer brands and ecommerce.
Publish date: December 20, 2018 © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT