e.GO Mobile, an electric vehicle startup, has raised $57 million in a Series C funding round to develop sustainable electric vehicles.
The funding round was led by nd Industrial Investments BV and counted with participation from new and existing investors. The funding will be used by the startup to accelerate the production of its e.GO Lite platform, develop new models, and design new features to provide drivers with a better experience. Ali Vezvaei, Chairman of the Board at e.GO Mobile, referred to the round by stating:
“We are very pleased with the success of the Series C funding but, above that, with the vote of confidence from our investors. The team at e.GO is determined, more than ever, to drive the much-needed transformation to carbon-free urban mobility by offering an electric vehicle like no other.”
The round brings the total funding raised by the startup since its founding in 2015 to $94.5 million, which has allowed it to become a leading contributor to the European electric vehicle industry, which has been recognized by its investors.
The startup was founded with the mission to revolutionize the urban electromobility industry by offering users an affordable, purpose-built, and sustainable alternative to more expensive models. Back in July, the startup announced it would be investing $166 million in a new car production plant in Bulgaria, which would expand its presence in the European Union.
The electric vehicle startup is headquartered in Aachen and has over 400 employees at this time. With the demand for electric vehicles increasing each year due to environmental concerns and their cost-effectiveness, the startup is focusing on supplying durable and sustainable electric vehicles for short-distance traffic.
e.GO is approaching the manufacturing of electric vehicles by using disruptive technologies such as swappable batteries and what it describes as a unique microfactory, which it expects will set its products apart from the competition.