Skootel gets capital injection from CDVCA to expand operations
The Community Development Venture Capital Alliance (CDVCA) announced today it has made a growth capital investment in Skootel, Puerto Rico’s leading micromobility-as-a service company, which enables users to rent scooters and bikes by the minute through an app.
The undisclosed investment will enable Skootel to expand its low-carbon transportation operations in Puerto Rico and further develop its software and data analysis systems, with potential application well beyond the island, executives said.
“CDVCA is pleased to support Skootel’s innovation and growth, bringing convenient, affordable, low-carbon micro-mobility options to Puerto Rico, and at the same time creating significant numbers of high-quality employment opportunities for Puerto Ricans,” said CDVCA President Kerwin Tesdell.
“We look forward to partnering with Skootel as it expands and brings its unique data analysis approach to meet demands for safe and convenient micro-mobility options in Puerto Rico and beyond,” he said.
Skootel launched the first micro-mobility service in Puerto Rico in August 2019 and since then has grown to 2,600 scooters, 120 bikes, five markets, more than 1.5 million rides, and more than 200,000 users. Users have clocked more than 1.6 million miles, saving more than 500 tons of CO2 emissions and reducing the environmental footprint.
In 2023, Skootel expects to expand to 10 new markets in Puerto Rico and further develop its healthy environmentally conscious alternative in San Juan, Ponce, Mayagüez, Guaynabo, and La Parguera. Skootel currently has 50+ employees and that number increases monthly.
“Skootel is much more than just scooters and bikes,” said Skootel COO Aldo Briano. “At our core we are a logistics and data company. That’s our secret sauce. Using predictive analytics, we believe our proprietary software will enable us to become market leaders, and at the same time, we will be positioned to help other companies analyze demand and prioritize their products and services.”
This is not the first time that Briano and Skootel co-Founder and CEO Juan Carlos Parra have raised capital for their business.
The University of Puerto Rico and Stanford graduates have been executives and founders of several tech startups and together have raised more than $15 million in venture capital, building startups from $0 to more than $10 million in annual recurring revenue.
Parra and Briano are applying their backgrounds and insights in data analytics to address challenges in vehicle placement and maintenance in unique ways that are central to success in the micro-mobility industry, which is predicted to grow to close to $200 billion in the next seven years.
“Our mission is to improve the lives of our users with ecofriendly transportation options. With the operational expertise, playbooks, and proprietary technology we’ve developed, we believe Skootel is on track to becoming Latin America’s #1 micro-mobility operator, no doubt,” said Parra.
