Evum Motors receives 20 million euros

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

EUR 7.5 million from existing investors and new backers, plus another EUR 12.5 million from the European Investment Bank (EIB) - Munich-based start-up Evum Motors has raised a total of EUR 20 million. With the new money behind it, it plans 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 CEO Evum Motors in light of the new financial leeway.

Evum Motors is a spin-off of the Technical University of Munich. The start-up has developed an electronic 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 municipalities, in the agricultural sector and in logistics for the so-called last mile. The start-up says it has a dealer network with 200 locations. The goal is to establish itself as an international automaker.

"It's impressive what has been created here in just five years since its founding," says EIB Vice President Ambroise Fayolle, who is responsible for the bank's German operations. "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 the reduction of greenhouse gas emissions and to a sustainable economy, he added.