Telo, a San Carlos, CA-based electric mobility company advancing EV mini-trucks, raised $5.4M in funding.
The round was led by Ali Partovi with participation from Spero Ventures and angel investors. This followed a $1.78M pre-seed funding round announced at launch in June 2023, which was led by GoAhead Ventures, with additional investment from Underdog Labs, WorkPlay Ventures and Yves Béhar (Co-Founder & Chief Creative Officer) in addition to some angel investors.
The company intends to use the funds to continue the virtual validation of the vehicle’s safety and also the development of a road-ready model.
Led by CEO Jason Marks, Teelo makes compact electric vehicle trucks for city living and weekend adventuring. Its signature Telo Truck, launched in 2023, features the standard bed capacity and crew cabin in a shortened 152-inch vehicle. In late 2023, the company started developing a drivable chassis. Most recently, the team has continued to progress and finalized the roll cage for the vehicle, an important step in the lead up to a final prototype. Looking ahead, Telo will eventually handbuild the first set of vehicles (approximately 500) to deliver to customers and eventually scale for manufacturing for mass delivery. It has secured over 2,500 pre-orders.
Coinciding with this announcement, the company announced the appoint Marc Tarpenning, co-founder of Tesla, to the company’s board this month.
FinSMEs
13/03/2024