Evum Motors receives 20 million euros

The money for the Munich-based start-up comes from the European Investment Bank, among others.

7.5 million euros from existing investors and new backers as well as a further 12.5 million euros from the European Investment Bank (EIB) - the Munich-based start-up Evum Motors has raised a total of 20 million euros. With the new money behind it, the company wants to scale its business in existing markets and become more active in other European countries.

"On the one hand, we can leverage efficiencies in production and expand them further; on the other hand, we can think about new products, solutions and target groups," says Martin Šoltés, founder and Managing Director of Evum Motors, in view of the new financial leeway.

Evum Motors is a spin-off of the Technical University of Munich. The start-up has developed an electric utility vehicle with all-wheel drive, originally for use in Africa. However, it first started selling the "aCar" in the DACH region. According to the company, the vehicle is used by local authorities, in the agricultural sector and in logistics for the so-called last mile. According to its own information, the start-up has a dealer network with 200 locations. The aim is to establish itself as an international car manufacturer.

"It is impressive what has been achieved here in just five years since it was founded," says EIB Vice-President Ambroise Fayolle, who is responsible for the bank's German business. "The start-up is already generating significant sales and is in the process of establishing itself as a medium-sized company." Evum Motors is making an important contribution to reducing greenhouse gas emissions and to a sustainable economy.