Arevo assets up for sale: what happened to the $70 million?

Arevo planned to automate the production of continuous carbon fiber composite structures. And while rumors have circulated for some time, an email received yesterday from auctioneers selling off Avero assets seemingly marks the company’s end.

Arevo was a promising venture that initially planned to sell its AQUA 3D printers, then pivoted to full-time production of bikes. The move was concerning enough for at least one senior member of staff to reconsider their future with the company. 

An email dated 29th January from Silicon Valley Disposition announcing the February auction of ABB IRB 4600 Robots, 3D Printers, Superstrata Urban Bikes, Chillers, and IPG Diode Laser Modules. Accompanying the email are photos of the assets – including eight Superstrata bikes.

Arevo-thing must go. Image via Silicon Valley Disposition.
Arevo-thing must go. Image via Silicon Valley Disposition.

A “remarkably challenging journey”

Arevo created Superstrata, the “World’s first custom-fit, unibody bicycle frame 3D-printed in continuous carbon fiber composite.” to sell those bikes. Sales were launched in 2020, raising $7M from over four thousand backers. 

Things did not go well. Arevo’s final post in February 2023 on LinkedIn reads, “96% of Indiegogo crowdfunded bikes fulfilled” and, “our remarkably challenging journey has reached its rewarding conclusion.” Underneath that post is a succession of angry comments from people claiming to belong to the 4% who have not yet received a Superstrata bike.

It has already been reported that operations ceased with a Vietnamese news site publishing it in July 2023. The article says the intent was to build a facility at Ho Chi Minh City Hi-tech Park in Vietnam. By this time, Hemant Bheda, CEO and Founder of Arevo, was no longer at the company, having left in July 2021. 

Arevo’s leadership was in the hands of the husband-and-wife team, Sonny Vu and Le Diep Kieu Christy Trang. Respectively, CEO and CFO. In addition to holding the position of CFO between Jan 2020 – Feb 2023, Trang was simultaneously the full-time President of Vietnam Operations at Trang has been approached for comment.

Sonny Vu, “Entrepreneur, founder whisperer” and Arevo’s CEO from January 2020 to February 2023, balanced founder roles at Impact Biosystems and Elemental Machines while concurrently raising “$70m (B Bridge, B1, B2, C, crowd” for Arevo. Vu has been approached for comment.

Investors, including Khosla Ventures, GGV Capital, In-Q-Tel, and, provided nearly $70 million. Khosla Ventures has been approached for comment.

Many questions surround the demise of Arevo; unfortunately, over the past several months, no one associated with the company has been willing to speak. Should this change, please do get in touch. We have many questions, including whether this video that claims to show Arevo manufacturing facilities is accurate.

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