Key Takeaways
- • The Community Development Venture Capital Alliance (CDVCA) made a growth capital investment in Skootel, Puerto Rico's leading micromobility-as-a-service company, per a Business Wire release dated February 7, 2023.
- • Skootel has scaled since its August 2019 launch to 2,600 scooters, 120 bikes, 5 markets, more than 1.5 million rides and over 200,000 users.
- • The company plans to expand to 10 new markets in Puerto Rico in 2023 and to further develop its proprietary data analytics and predictive software.
- • Co-founders Juan Carlos Parra (CEO) and Aldo Briano (COO) cite a micromobility industry predicted to reach close to $200 billion within seven years.
- • The Skootel investment was not accompanied by a disclosed investment amount in the release.
Summary
The Community Development Venture Capital Alliance (CDVCA) announced it has made a growth capital investment in Skootel, Puerto Rico's leading micromobility-as-a-service company, which allows users to rent scooters and bikes by the minute through an app. According to the company's Business Wire release, the investment will support expansion of Skootel's low-carbon transportation operations on the island and further development of its software and data analysis systems, which the company says could have applications beyond Puerto Rico. The release did not disclose the size of the investment.
Skootel was launched in August 2019 as the first micromobility service in Puerto Rico. The company reports growth to 2,600 scooters, 120 electric biciPOP bicycles, five markets, more than 1.5 million rides and over 200,000 users. Riders have logged more than 1.6 million miles, which the company says has saved more than 500 tons of CO2 emissions. The release positions the service as a solution to Puerto Rico's high car-to-people ratio, addressing short "last mile" trips with scooters and longer distances with bicycles.
Founders Juan Carlos Parra and Aldo Briano returned to Puerto Rico in 2018 after roughly a decade in Silicon Valley. Both are University of Puerto Rico and Stanford graduates who, according to the release, have collectively raised more than $15 million in venture capital across several technology startups. The company says it is applying data analytics to vehicle placement and maintenance, which it describes as central to success in the micromobility sector. The release cites industry projections that the sector could grow to close to $200 billion over the next seven years.
In 2023, Skootel expects to enter 10 new Puerto Rico markets, including San Juan, Ponce, Mayagüez, Guaynabo and La Parguera, and currently employs more than 50 people. CEO Parra said the company is on track to become LATAM's leading micromobility operator. COO Briano described Skootel as "at our core a logistics and data company," stating that its predictive analytics software could also help other companies analyze demand and prioritize products and services.
CDVCA President Kerwin Tesdell said the investment supports convenient, affordable, low-carbon transportation and high-quality employment in Puerto Rico. CDVCA, founded in 1995, says it has invested more than $320 million nationally and manages the $45 million Puerto Rico Fund for Growth and the Unlock Capital accelerator program on the island.
Skootel was launched in August 2019 as the first micromobility service in Puerto Rico. The company reports growth to 2,600 scooters, 120 electric biciPOP bicycles, five markets, more than 1.5 million rides and over 200,000 users. Riders have logged more than 1.6 million miles, which the company says has saved more than 500 tons of CO2 emissions. The release positions the service as a solution to Puerto Rico's high car-to-people ratio, addressing short "last mile" trips with scooters and longer distances with bicycles.
Founders Juan Carlos Parra and Aldo Briano returned to Puerto Rico in 2018 after roughly a decade in Silicon Valley. Both are University of Puerto Rico and Stanford graduates who, according to the release, have collectively raised more than $15 million in venture capital across several technology startups. The company says it is applying data analytics to vehicle placement and maintenance, which it describes as central to success in the micromobility sector. The release cites industry projections that the sector could grow to close to $200 billion over the next seven years.
In 2023, Skootel expects to enter 10 new Puerto Rico markets, including San Juan, Ponce, Mayagüez, Guaynabo and La Parguera, and currently employs more than 50 people. CEO Parra said the company is on track to become LATAM's leading micromobility operator. COO Briano described Skootel as "at our core a logistics and data company," stating that its predictive analytics software could also help other companies analyze demand and prioritize products and services.
CDVCA President Kerwin Tesdell said the investment supports convenient, affordable, low-carbon transportation and high-quality employment in Puerto Rico. CDVCA, founded in 1995, says it has invested more than $320 million nationally and manages the $45 million Puerto Rico Fund for Growth and the Unlock Capital accelerator program on the island.
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