Blubrake has announced a $6 million Series A round, allowing the company to reach total funding above $10 million.
The funding round was led by e-Novia, the deep tech ‘Entreprises Factory’ within which Blubrake was founded and completed its acceleration process. Other investors included Progress Tech Transfer and some private investors: Andrea Perin, managing director at Banca Finint, and Michele Scannavini, president at Italian Trade Agency and e-Novia.
Blubrake is set to expand its product range with more mechatronic e-mobility solutions.
“This funding round will allow Blubrake to fast-track the investments in our industrial and commercial structures in order to keep expanding our footprint in the market and to bring new solutions to it,” said Fabio Todeschini, Blubrake’s general manager. “We have discussions underway with most of the top e-bike manufacturers and we target a market that has a turnover of more than $20 billion.
“We have demonstrated to be able to develop and industrialise some best-in-class tech solutions chosen by some of the world-leading bike manufacturers, and we are confident to replicate this success with more customers and more products.”
Vincenzo Russi, CEO at e-Novia and lead investor of this round, added: “This funding round is a demonstration of Blubrake’s value growth and of the brilliant path ahead that is now clearly outlined. The amount of this fundraising, which is fully underwritten by international investors, demonstrates the quality of its team, the value of its product and the strength of its industrial and product strategy.
“Blubrake is one of the best examples of e-Novia’s portfolio quality and proves the ability of our Enterprise Factory model to transform research projects and inventions into actual businesses, with a solid ambition to be leader in their own markets. This makes us feel proud and privileged to have Progress Tech Transfer and other private investors in this round.”
Read the October issue of BikeBiz below: