TELO Trucks Secures $20M Series A Led by Tesla Co-founder

TELO Trucks, a startup focused on producing a compact electric pickup truck called the MT1, has successfully raised $20 million in a Series A funding round led by Tesla co-founder Marc Tarpenning and renowned designer Yves Behar. The MT1 is designed to be a small but highly functional vehicle, about the size of a Mini Cooper, with a 5-foot bed extendable to 8 feet, seating for five adults, and a driving range up to 350 miles, targeting urban markets where space and efficiency are priorities. TELO has garnered over 12,000 pre-orders, mostly from city fleets and delivery companies, representing approximately $600 million in potential revenue. The company emphasizes capital-efficient growth by relying on contract manufacturing and focusing internal efforts on battery technology and safety engineering, aiming for profitability at relatively low production volumes rather than rapid scale. This approach contrasts with many EV startups that have struggled due to high cash burn and overexpansion. TELO’s strategic focus and strong investor backing position it as a promising player in the evolving urban electric vehicle market.