The founders of Wag, Jonathan and Joshua Viner, who left the promising start-up last year, announce a $ 37 million financing for their new startup, sharing electric bicycles, Wheels

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Wag's founders, Jonathan and Joshua Viner, leave their dogs for bicycles. Wheels, the new shared bike start-up owned by the Viner brothers, announces $ 37 million in financing from Tenaya Capital, Bullpen Capital, Naval Ravikant and others.

The Viner brothers left the Wag canine walks start-up last year to create a fund focused on mainstream startups. The departures took place after Josh Viner's replacement as CEO of Wag by Hilary Schneider, a former Yahoo executive. Now, the brothers leave the fund and start sharing bikes.

"We created our fund exclusively with our own capital. The wheels have quickly become a huge opportunity and we are now fully focused on this activity, "Josh Viner told TechCrunch by email. "We always invest passively when great opportunities arise."

Wheels will join groups like Uber's Jump, Lyft's Motivate and other competitors who will compete for a share of the bike-sharing market. But Wheels says it's different because of its modular design, which includes exchangeable parts and batteries. The company claims that the product life cycle is 4x longer than other bikes on the market.

"When we evaluated this market, we identified a major opportunity to better serve cities with a sustainable electric mobility approach," said Jonathan Viner in a press release. "We have spent countless hours of research and development on new manufacturing and maintenance models to bring you the very first offerings, such as exchangeable parts replacement and removable batteries."

However, free trade bicycle companies are aware that the economic situation of their unit will continue to be flawed unless changes are made. In December, JUMP unveiled its new generation of bicycles with exchangeable batteries and integrated diagnostics.

Wheels has already said it outperformed its competitors in daily trips to the San Diego Gaslamp Quarter. Wheels also says that he sees more than seven rides a day, by bike. In the short term, Wheels plans to roll out its bikes "quickly" in southern California, while working with city officials.

Wheels also brought a handful of former leaders of Bird, Uber and Lyft. This includes Ben Shaken, former director of Product at Lyft, and Marco McCottry, formerly of Uber and Bird.

"I have witnessed the explosion of last-mile transportation and I understand the importance of keeping a promise of sustainability to consumers and society," McCottry said in a press release. . "That's why I'm so happy to be part of Wheels. The solutions to so many problems encountered during the first wave are integrated into the operational approach. "