Madrid-based electric mobility Velca secures €5.3 million in series A round funding. The funds will go towards the company’s global expansion and the introduction of new automobiles.
Emilio Froján, a Galician businessman, headed a new round of funding for Sherry Ventures, Noso Capital, and BeHappy Investments. This fresh round is the result of a €3.5 million capital raise from multiple investment firms, a €1.2 million bank financing, and a €600k Enisa. The legal firm On Tax has overseen the operation.
Emilio Froján, CEO and co-founder of Velca said, “We are in a very positive moment as a company, with financial muscle and positive sales prospects. This year we hope to be able to close it with a growth of 90% in a context in which registrations of electric motorcycles have fallen by 30%, We have always wanted to be the main brand of electric motorcycles in Europe, currently we are the second Spanish manufacturer in the private channel and the first Spanish manufacturer of mopeds. “We are prepared to make the leap to Europe, always faithful to our Spanish roots, to our clients and distribution network.”
Tomás Pérez, Sherry Ventures’ manager, said: “Decarbonization is one of our main investment axes and Velca is one of the European companies with the most potential to decarbonize urban environments.”
Antonio Romero-Haupold, manager of Noso Capital, added: “We entered Velca because of the leadership that Emilio and his team transmit. Our goal is to help the company in the areas of production, sales and its entry into the stock market.”
Miguel Ángel Rodríguez, President of BeHappy Investments, commented: “Velca has all the characteristics that we look for in our projects; a sustainable purpose, a very promising business projection and a top-level human team.”
Velca was established in 2020 and recently took part in the most recent EICMA in Milan, which is the largest motorbike show in Europe. As it expands internationally, it has three target markets in mind: Germany, France, and Italy. Its mission is to always be there to meet the needs of real people. Furthermore, it will work closely with the distribution networks of the major European cities to accomplish this in an urban fashion.