GOVECS GmbH, a Munich, Germany-based electric scooter company, has raised €10m in financing.
The round was led by Gimv, which invested €4m, with participation from KfW, BayBG and other (unnamed) existing shareholders.
The company intends to use the funding to build out its sales and marketing activities, to broaden its product portfolio and to strengthen its market position in Europe.
Founded in 2009 and led by Thomas Grübel,CEO, GOVECS develops, assembles and distributes electric scooters, which are manufactured in its own plant in Wroclaw (Poland). The company’s product range covers all European sub-segments from 20km/h scooters up to a 85km/h version comparable to models of the 125cc scooter class. The scooters are equipped with an electric motor, which is almost completely noiseless, clean and highly efficient.
GOVECS targets both private consumers as well as fleet operators such as postal and express companies and food delivery firms.
In conjunction with the transaction, Hansjörg Sage, Partner Gimv, Robert Gallenberger, Principal Gimv, will both join the GOVECS’ board of directors.