Fazua GmbH, a Munich, Germany-based provider of an innovative evation drive system for e-bikes, received $8m in funding.
The round was led by Unternehmertum Venture Capital Partners (UVC Partners) with participation from existing investors High-Tech Gründerfonds, Bayern Kapital – with its Wachstumsfonds Bayern – and several business angels.
The company will use the funds to drive business growth forward, product development, expand its team (it is currently looking for candidates for quality control, production management and electronic development positions, among others).
Founded in 2013 by Hannes Biechele, CEO, Fazua has developed an evation drive system to be integrated into manufacturers’ products and specifically designed for high-performance riding and natural ride feeling. Customers include CUBE, Focus, Bianchi, Fantic and Pinarello.