Zehus, a Milan, Italy-based urban e-mobility startup, raised a €1.5m in funding.
Backers included existing investor Invitalia Ventures SGR, which made a further commitment to the company bringing the total amount invested to €1M, an unnamed Italian company active in the automotive industry, which committed €750k, and new shareholder Havel Srl.
The company intends to use the funds to advance its solutions.
Founded in 2013 as a spin-off of the Department of Electronics of the Politecnico of Milan, Zehus aims to bring innovation into the urban mobility sector through the development of sustainable solutions and – in particular – of its patented BIKE+ technology, a mobility block that powers hybrid (human-electric) e-bikes that do not need to be recharged and that optimize the riders’ efficiency reducing their fatigue by up to 40%.
With this latest round, the company has raised nearly €3m in equity funding to be added to a €2.4m Horizon 2020 grant assigned from the European Commission.