Munich-based Fazua, the developer of a new type of e-bike motor, "evation", has successfully completed a €3 million Series B financing round. Investors included long-standing shareholders High-Tech Gründerfonds (HTGF), Bayern Kapital and five private investors as well as a new stakeholder, entrepreneur Rolf Nied.
Fazua's e-bike drive system is integrated into the frame of the bicycle, and enables manufacturers to push boundaries in the design, weight and flexibility of e-bikes. Weighing in at just 3.3 kilograms, the drive pack consists of a motor, battery and power electronics. End customers enjoy lighter and more visually appealing bikes.
The financing will be used to set up production operations in Munich, deliver the first orders placed by renowned bicycle manufacturers, and further strengthen the team.
“We are delighted to have completed this investment round and strengthened Fazua GmbH”, said Marcus Schlüter, managing director of Fazua GmbH, in a statement. "The capital raised as well as the stakeholders’ valuable expertise and commitment will help us to achieve a strong position on the market.”
“The team of entrepreneurs and development partners have built on their very good work in the development phase, and we’re looking forward to the launch of series production. Manufacturing such a complex product and supplying it to big-name clients is a very challenging task," added Benjamin Erhart, Investment Director at HTGF, in a statement. "The team has managed to make very good use of the expertise harboured by the company’s stakeholders. That’s why the experienced private investors also deserve appreciation for the added value they have provided beyond the investment.”
Read more: High-Tech Gründerfonds (Press release)