The European Investment Bank (EIB) is supporting the further development of commercial vehicles and Evum Motors' European expansion plans with 12.5 million euros. In addition, the Munich-based startup was able to raise a further 7.5 million euros from new investors. And the Existing investors have increased their investments by an unknown amount following the successful market launch.
Evum Motors, founded in 2017 as a research project at the University of Munich, specializes in the development and manufacture of electric commercial vehicles for niche applications. The company focuses on core customers in agriculture, municipal utilities, intralogistics (i.e., internal company logistics), and industry. According to the company, over 400 vehicles have already been in operation since its market launch.
Expansion into neighboring European markets
With the EIB financing, the Munich-based startup aims to rapidly expand the production of electric light vehicles in Germany and other markets. It complements the equity investment from Evum Motors. The new funds are intended to contribute to scaling the business in existing markets and expanding into neighboring European markets. The financing is provided as part of the EIB Venture Debt Programme, which is tailored to the specific financing needs of high-growth, innovative companies. The financing is backed by a guarantee from the European Fund for Strategic Investments (EFSI).
EIB Vice-President Ambroise Fayolle, responsible for the EIB’s German business, says:
"It's impressive what has been achieved here in just five years since its founding. The startup is already generating significant revenue and is establishing itself as a medium-sized company. Evum Motors is making an important contribution to reducing greenhouse gas emissions and to a sustainable economy."
“Continue to drive professionalization”
And founder and managing director Sascha Koberstaedt says:
"Due to the very high demand, the new investment now offers the potential to scale even further and, above all, to continue growing internationally. With the new financing, we now have the means to realize this growth and further advance the professionalization of the young company."
Martin Soltes, founder and managing director, emphasizes the new possibilities:
"On the one hand, we can increase and further expand production efficiencies. On the other hand, we can think about new products, solutions, and target groups."
