Electric bike company with $6 million in revenue since inception.
Electric bikes are booming in popularity all over the world. From the elderly who now have easy access to exercise and road freedom, to daily commuters looking to shorten their time spent (not to mention reduce sweat) getting to and from the office, electric bikes simply make sense.
Perhaps our biggest stroke of ingenuity isn’t in the product itself, but our distribution model. As countless industries that have been retail-based for seemingly ever shift to direct-to-consumer models (think: Casper in the mattress industry, Warby Parker with glasses, Harry’s with shaving supplies), bicycles have still been stuck in the old age.
In the bike industry, traditional bike shops are known to add an extra 40-60% markup on the bikes sold in store.
In doing so, we set out to completely remove any barriers people might have about buying a bike online — i.e. How can I test ride the bike? Where do I go for servicing and repairs? I don’t want to assemble a bike shipped to me. What if it doesn’t fit and I want to return it?
EVELO is the future of biking and short-distance travel. For many of our thousands of customers, this is the first and only bike they will ever buy. To see how we’ve flipped the traditional bicycle industry upside down, read on!
EVELO was founded by experienced entrepreneurs to solve two huge problems in the bicycle industry:
The first problem, one that our co-founder had first-hand experience with, is that 99% of the population typically doesn’t cycle for commuting or recreation — his wife was one among this group. The primary reasons are perceived lack of fitness, hills, getting older, or even the simple inconvenience of arriving to the destination sweaty. An avid cyclist himself, he was eager to find a way to get his wife join him on his longer rides.
The second problem is that the current bicycle industry is antiquated. Currently, bicycle brands rely on wholesalers and brick-and-mortar dealers to sell their products to consumers. This adds hundreds, if not thousands, of dollars to the end price often without bringing much added value to the customer.
Perceived value includes a face to talk to, reassurance that someone will be there if something should go wrong, and the ability to physically try out bikes before buying one.
But why do these benefits have to be exclusively reserved for brick-and-mortar retailers? At EVELO, we understand that ecommerce is not just the way of future, it’s the way of now. There’s no reason consumers can’t have all the benefits of in-store buying and online prices.
Let’s talk about the second problem first.
The question on everyone’s mind is how is EVELO able to eliminate all the inconveniences and uncertainty of buying a bike online? Let us tell you!
It starts with our unique ambassador program. See, EVELO customers love their bikes so much that they are eager to share them with others. EVELO customers can opt into becoming brand ambassadors, and in doing so pull in commission that can quickly pay off their new bike.
What do we ask of them in return? When we get an inquiry from a potential customer who wants to try out a bike before buying one (understandable), we find the ambassador nearest to them. The ambassador meets up with this potential buyer and lets them try out their bike. They ride around for a bit, fall in love, buy a bike of their own, and the ambassador gets a cut — it’s that simple!
While the ambassador program is a key component of our unique direct-to-customer model, we understand some consumers have other concerns with buying a bike online as well.
On EVELO.com, our Smart Interactive Fit Consultation guides you through a few questions about your riding style, preferences, and comfort level to find the perfect bike for you.
EVELO bikes arrive at your doorstep 95% assembled. The finishing touches will take 15-30 minutes max, and no special skills or tools are required. We also have videos available showing the assembly process for each of our models!
Should a problem arise, our first step is to troubleshoot the issue remotely. If the issue requires professional work, we contact one of our partner bike shops near your home. Once you drop off the bike at the shop, we take it from there. We communicate directly with the shop mechanics, and work with them to analyze the issue and guide them through the repair. Once the issue is resolved, simply pick up the bike at your convenience and we’ll settle any remaining details.
To ensure that every single customer is 100% happy with their EVELO product, we offer the industry’s first 7-Day At Home Trial policy. If you don’t like the product or it’s not a good fit, simply send it back to us within 7 days and we’ll issue a 100% refund – no questions asked.
EVELO even offers free FedEx ground shipping anywhere in the continental U.S. and Canada!
Customers currently can own one of our products for as low as $84/mo. Compared to a monthly public transit pass, the monthly price of owning a bike is just as cost effective. Thus, making transportation and bike ownership more accessible to others.
EVELO electric bicycles aren’t your typical e-bike — EVELO bikes are meant to replace cars for short distance commuting and recreation.
Consider the money you would save by replacing at least some of these car trips by using your new electric bicycle as your means of transport. It would mean no money spent on gas, no time and money spent on parking, no time spent sitting in traffic, and less money spent on car maintenance — not to mention the health benefits that come from being more active.
EVELO bicycles that have a small motor and battery integrated into the design. They look and feel and handle just like a regular bicycle – but with a bit of magic baked in. As you start pedaling, the bikes sense how hard you are working and will give you just the right amount of boost. You can bike up steepest hills as easily as you’d be biking downhill. And you can go faster too – as much as 50% faster than a regular cyclist, which means that you can cut down your commute time significantly.
EVELO currently offers four models of electric bicycles, as well as the EVELO Omni Wheel, which allows anyone to convert their existing bike to an electric bike. The revolutionary Omni Wheel packs all the power of an electric bike into one ground-breaking front wheel.
Visit our Bike Shop to learn more about all EVELO products!
We started working on the EVELO idea in 2011. We launched with a 3-product line and generated a quarter million dollars in revenue that first year.
In 2015, we also secured investments from high profile investors like real estate mogul Barbara Corcoran of Shark Tank and Brad Feld from the Foundry Group. About ⅓ of that investment round came from our own customers as well!
Our objective for the next 3 years is to introduce at least 2 new products per year to expand our product line, cater to a wider customer demographic, provide more affordable options and become a full featured brand. Our next product launch is scheduled for early 2017.
Next, we will begin to introduce biking as a service packages. Instead of customers having to spend $2 – 3K on a one-time purchase, we want to make electric bikes more accessible for more people through introducing monthly ownership plans where customers would eventually be able to lease a bike for as low as $99 per month and get additional services, such as theft protection and maintenance included in this hassle-free ownership.
Finally, we’ll begin to expand beyond the U.S. borders with the first international expansion focused on the Canadian market.
Make sure to request access to the business plan tab of this profile for an inside look into EVELO!
Brothers Boris and Yevgeniy Mordkovich, co-founders of EVELO, are experienced entrepreneurs, having co-founded and sold two companies prior to EVELO. They decided to start EVELO to bring the same amount of joy and utility they got from riding electric bikes to others.
Co-founded, grew and eventually sold two other companies. Helped launched Turo.com, the world’s first person-to-person carsharing company that went on to raise $90M and expand nationwide. When launching EVELO, Boris biked 4,000 miles from New York City to San Francisco to test the initial EVELO bike and better understand the market.
The idea for a better electric bike came to Yevgeniy in 2011. An avid cyclist, he had a hard time getting his wife to go with him on a ride due to varying strength levels between them. Thus, he sought to build a solution. To resolve this no-win situation, Yevgeniy built his wife an electric bicycle from scratch and that led to the eventual launch of EVELO. Prior, Yevgeniy co-founded two other startups that went on to be eventually acquired.
Oversees the post-sale customer service and the entire customer service team, ensuring that we only have happy customers. Helped achieve nearly 96% customer satisfaction rating across the board.
Drives customer acquisition and growth from the marketing side. Helped lower the acquisition costs to around $300 per customer. Previously co-founded and grew another startup.
Manages our inbound sales team and ensures sales targets are met. Previously worked for the largest and most successful electric bike shop in the U.S.
Manages our inbound sales team and ensures sales targets are met. Previously worked at Raleigh, one of the leading bicycle brands in the U.S.