Munich e-bike startup Fazua has raised €6.5 million in new funding led by Unternehmertum Venture Capital Partners with participation from High Tech Gründerfonds, Bayern Kapital, and a number of business angels.
Fazua develops and builds an e-bike motor and battery drive system called evation. According to the company, the new funds will be used to meet growing demands in its business. It will be investing heavily in further product development and will be moving into a large production space.
“We are very pleased with this round of financing, which will further support FAZUA’s extremely strong market position,” said CEO Hannes Biechele. “The experience, added value and know-how of the shareholders are essential pillars for us, without which FAZUA could not operate so successfully.”
“Within the fast-growing e-bike market, its drive system is the leader for light and very light products. An increasing number of renowned bike manufacturers are choosing the evation system,” added Benjamin Erhart, partner at lead investor Unternehmertum Venture Capital Partners.