<SUBMISSION>
<ACCESSION-NUMBER>0001181431-03-037460
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20031219
<FILING-DATE>20031223
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>EAST RIVER VENTURES II L P
<CIK>0001114216
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>000-28452
<FILM-NUMBER>031070790
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>645 MADISON AVENUE, 22ND FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10022
<PHONE>2126442322
</BUSINESS-ADDRESS>
</REPORTING-OWNER>
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>VELOCITY EXPRESS CORP
<CIK>0001002902
<ASSIGNED-SIC>4513
<IRS-NUMBER>870355929
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>0629
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>7803 GLENROY ROAD
<STREET2>FOUR PARAMOUNT PLAZA STE 200
<CITY>MINNEAPOLIS
<STATE>MN
<ZIP>55439
<PHONE>612-492-2400
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>7803 GLENROY ROAD
<STREET2>SUITE 200
<CITY>MINNEAPOLIS
<STATE>MN
<ZIP>55439
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>UNITED SHIPPING & TECHNOLOGY INC
<DATE-CHANGED>19990512
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>U SHIP INC
<DATE-CHANGED>19960313
</FORMER-COMPANY>
</ISSUER>
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<TYPE>4
<SEQUENCE>1
<FILENAME>rrd26667.xml
<DESCRIPTION>EAST RIVER FORM 4 122203
<TEXT>
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    <documentType>4</documentType><periodOfReport>2003-12-19</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001002902</issuerCik>
        <issuerName>VELOCITY EXPRESS CORP</issuerName>
        <issuerTradingSymbol>VEXP</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001114216</rptOwnerCik>
            <rptOwnerName>EAST RIVER VENTURES II L P</rptOwnerName>
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        <reportingOwnerAddress>
            <rptOwnerStreet1>645 MADISON AVENUE, 22ND FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <reportingOwnerRelationship>
<isDirector>0</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>1</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><derivativeTable><derivativeHolding><securityTitle><value>Series F Convertible Preferred Stock</value></securityTitle><conversionOrExercisePrice><footnoteId id="F1"/></conversionOrExercisePrice><exerciseDate><value>2001-09-05</value></exerciseDate><expirationDate><footnoteId id="F2"/></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>2359326</value><footnoteId id="F3"/></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>118181</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeHolding><derivativeHolding><securityTitle><value>Series H Convertible Preferred Stock</value></securityTitle><conversionOrExercisePrice><footnoteId id="F1"/></conversionOrExercisePrice><exerciseDate><value>2003-09-18</value></exerciseDate><expirationDate><footnoteId id="F2"/></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>1107702</value><footnoteId id="F3"/></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>32500</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeHolding><derivativeTransaction><securityTitle><value>Series I Convertible Preferred Stock</value></securityTitle><conversionOrExercisePrice><value>0.15</value></conversionOrExercisePrice><transactionDate><value>2003-12-19</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>P</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>233333</value></transactionShares><transactionPricePerShare><value>1.50</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><footnoteId id="F4"/></exerciseDate><expirationDate><footnoteId id="F2"/></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>2333330</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>233333</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">Not applicable</footnote><footnote id="F2">None</footnote><footnote id="F3">As a result of the issuance of Series I Convertible Preferred Stock, the number of shares of Common Stock into which the shares of Series F and Series H Convertible Preferred Stock are convertible upon exercise increased pursuant to antidilution provisions in the preferred instrument.</footnote><footnote id="F4">Conversion of the Series I Convertible Preferred Stock into Common Stock requires shareholder approval.</footnote></footnotes><ownerSignature><signatureName>Wesley C. Fredenburg, Attorney-in-Fact</signatureName><signatureDate>2003-12-22</signatureDate></ownerSignature></ownershipDocument>



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