EVUM Motors receives 20 million euros in Series B financing round

According to Evum Motors, the capital will primarily be used to expand production, sales and service capacities in Germany and Europe.

The Munich-based company EVUM Motors, which specializes in electric commercial vehicles, has successfully completed a financing round. Bayern-Kapital, together with the main investor Jolt Capital, is participating in this Series B financing round with a sum of almost 20 million euros.

This investment is a clear sign that our vision of electromobility and eWork will define the future. It is a decisive step to take EVUM to the next level.

Martin Šoltés, founder and CEO of EVUM Motors

As a spin-off of the Technical University of Munich in 2017, EVUM Motors has focused on the development and distribution of special electric utility vehicles for a wide range of applications such as municipalities, agriculture and industry. The main objective was to create a simple but robust electric utility vehicle that can be used in several sectors. In addition to transportation, EVUM Motors' vehicles also serve as a comprehensive energy solution for tools, equipment and other vehicles to create a self-sufficient working environment. To date, the company has delivered almost 1,000 vehicles to customers and now operates a production facility in Bayerbach near Ergoldsbach, Lower Bavaria. In addition, it has expanded its network to eleven European countries and distributes the vehicles via an international dealer and service network.

As we are used to supporting responsible deep tech companies across Europe, we were impressed by the products developed by EVUM Motors and the potential to offer much more than just electric vehicles.

Eric Arnould, General Partner of Jolt Capital

The fresh funds from this financing round will be used to expand production capacity. In addition, the company plans to strengthen its geographical presence in Germany and Europe in the areas of sales and service and to further develop its technological lead. Bayern Kapital's investment in EVUM comes from the Bayern 2 growth fund, which we have already reported on several times on Starbase. In this context, it is also exciting that we already reported on a €20 million round for Evum Motors in September 2022.

New advisory board

In addition to the financing round, EVUM Motors has set up an advisory board to actively shape the future of electromobility. Vincent Cobée, an automotive industry expert who has held senior positions at Stellantis and Renault-Nissan, will serve as Chairman of this board. Cobée commented: "I am honored to be part of this revolutionary company. With the creation of the board, EVUM is taking the next decisive step to revolutionize the future of mobility and work."