Velca, the Spanish manufacturer of 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.
The firm has detailed that this new round comes from a capital increase of 3.5 million euros by various investment funds, the obtaining of an Enisa of 600,000 euros and a bank financing of 1.2 million euros.
Specifically, the three investment funds that have led the round, as detailed by the company in a statement, are Sherry Ventures, which has contributed 600,000 euros; Noso Capital, with a total of 500,000 euros, and BeHappy Investments, with 500,000 euros.
These three entities have recently joined the board of directors of Velca, whose goal for 2024, in addition to initiating its international expansion, is also to continue expanding its product portfolio, which currently has 13 models of electric vehicles and more than 3,000 in circulation.
The rest of the financing came from Santander Galicia and Sabadell Galicia, which contributed with financing lines of 1.2 million euros and an Enisa of 600,000 euros, the third largest of the year.
The company recalled that last October it welcomed two new members to its board of directors: Jaume Xicola, CEO of SHAD-NAD and investment partner of BeHappy Investments, and Antonio Romero-Haupold Caballero, former president of Faconauto and Aemab (Asociación de Empresas del Mercado Alternativo Bursátil).
The CEO and co-founder of Velca, Emilio Froján, has reiterated the company’s intention “to be the leading brand of electric motorcycles in Europe”, assuming that they are currently “the second Spanish manufacturer in the private channel and the first Spanish manufacturer of mopeds”.
He also stated that the company is “ready” to make the leap to Europe, although always “faithful” to its Spanish roots, its customers and distribution network.