Torqeedo GmbH, a Starnberg, Germany-based developer of electric outboard motors, has completed a €4,7m financing round.
The round was led by WHEB Ventures, the European clean technology venture capital firm, which invested approximately €3m. This is the first investment by WHEB Ventures’ Munich office, opened in April 2009. The Brose Trust AG and other existing investors also participated.
Established in 2005, Torqeedo develops and manufactures electric outboard motors for the marine market. The motors are lightweight, powerful, quiet, highly efficient and clean and provide a viable and environmentally friendly alternative to the sub 10 horse power combustion engine outboard market.
The capital infusion will help the company to maintain its growth momentum in its current markets, expand into new territories and develop new and more powerful motors.