Velca, a Spanish company that manufactures 100% electric motorcycles and bicycles, has raised €5.3 million in a series A financing round that will be used for its international expansion and the launch of new vehicles. Sherry Ventures, Noso Capital and BeHappy Investments lead the new round of the company led by the Galician entrepreneur Emilio Froján.
This new round comes from a capital increase of €3.5 million by various investment funds, from obtaining an Enisa of €600k and bank financing of €1.2 million. The operation has been supervised by the law firm On Tax.
“We are in a very positive moment as a company, with financial muscle and positive sales prospects. This year we hope to be able to close it with a growth of 90% in a context in which registrations of electric motorcycles have fallen by 30%,” said Emilio Froján, CEO and co-founder of Velca. “We have always wanted to be the main brand of electric motorcycles in Europe, currently we are the second Spanish manufacturer in the private channel and the first Spanish manufacturer of mopeds. “We are prepared to make the leap to Europe, always faithful to our Spanish roots, to our clients and distribution network.”
Founded in 2020, Velca, which has just participated in the latest edition of the EICMA in Milan, the most important Motorcycle Show in Europe, faces this international expansion with three markets in its sights -Italy, France and Germany-, with its imprint always present to respond to people’s real needs. And it will do so in an urban manner and in close collaboration with the distribution networks of the main European cities.
Tomás Pérez, Sherry Ventures’ manager, said: “Decarbonization is one of our main investment axes and Velca is one of the European companies with the most potential to decarbonize urban environments.”
Antonio Romero-Haupold, manager of Noso Capital, added: “We entered Velca because of the leadership that Emilio and his team transmit. Our goal is to help the company in the areas of production, sales and its entry into the stock market.”
Miguel Ángel Rodríguez, President of BeHappy Investments, commented: “Velca has all the characteristics that we look for in our projects; a sustainable purpose, a very promising business projection and a top-level human team.”
These entities have also recently joined the board of directors of Velca, whose objective for 2024, in addition to starting its international expansion, is also to continue expanding its product portfolio, which currently has 13 models of electric vehicles and more than 3,000 On circulation.
Read the orginal article: https://www.eu-startups.com/2023/11/madrid-based-electric-mobility-velca-raises-e5-3-million-to-set-the-grounds-for-international-expansion-in-france-and-germany/
