According to Sifted data, €4.3bn has been deployed into Europe’s electric vehicle startups so far this year, as of September 11 — making it the third-best funded sector, behind energy storage (€8bn) and advanced materials (€5.2bn).
64 of the 90 deals have come at early stage (up to and including Series A), with an average cheque size of €5.5m. UK-based EV charging point provider Energy Park’s £35m round led by Zouk Capital is the largest early-stage deal to date.
Relevant resources:
Here are the eight early-stage EV startups that told Sifted that they’re currently fundraising (scroll down for a downloadable list with their pitch decks and contact information).
Monumo
Location: Cambridge, UK
Founded: 2021
Total funding: €13.5m
Last round: €7m seed extension in November 2023
Investors: Deeptech Labs, Elder Capital, LQD, Simon Segars (ex-CEO of Arm Holdings) and Tom Preston-Werner (cofounder of Github). Almost half Monumo’s employees invested at the last round.
Monumo has built an advanced simulator that optimises EV powertrain systems, in order to create more efficient electric motors. It partners with automotive companies to develop and licence motor systems designs.
It has kicked off its fundraising efforts and is looking to close a £20m Series A in May 2025.
Elfly Group
Location: Bergen, Norway
Founded: 2018
Total funding: Bootstrapped
Elfly claims to be developing the world’s first fully electric seaplane for coastal travel, called ‘Noemi’, capable of transporting 9-13 passengers and up to one tonne of cargo.
It’s currently fundraising for a $25m seed round that it hopes to close in Q2 2025.
Zparq
Location: Stockholm, Sweden
Founded: 2020
Total funding: €2.5m
Last round: €2.5m in May 2023
Investors: Santander Group, EIT InnoEnergy and Almi Invest
Zparg is developing an electric engine for marine vehicles that is 10x smaller and lighter than those currently in use. Currently, less than 1% of boats use an electric motor. It sells direct to consumers (alongside a mobile app), offers a ‘battery-as-a-service’ on a fixed monthly rate and sells to boat manufacturers and ship yards.
It’s targeting a €5-8m Series A, which it hopes to close in Q2 2025. It currently has six job openings, predominantly in its engineering team.
Reefilla
Location: Torino, Italy
Founded: 2021
Total funding: €1.1m
Last round: €1m pre-seed in July 2022
Investors: CDP Venture Capital, Plug and Play, A11 Venture, Marvik Investimenti and flyRen Energy Group
Founded by three former employees of multinational automotive manufacturing company Stellantis, Reefilla offers a mobile charging service for electric cars using reusable batteries.
It hopes to close its €4.5m seed round in October 2024, of which over 90% is already committed. Prior to this round, the captable was as follows: 74% founders, 21% pre-seed investors and 5% employee stock options.
Read the orginal article: https://sifted.eu/articles/ev-startups-actively-fundraising/
