Arc Vehicle, a Coventry, UK-based e-motorcycle maker, completed a multi-million-pound funding round.
– Mercia Fund Managers’ EIS funds;
– the MEIF Proof of Concept & Early Stage Fund, managed by Mercia and part of the Midlands Engine Investment Fund;
– Jaguar Land Rover’s venture capital fund, InMotion Ventures, as well as
– a number of private investors.
The company intends to use the funds to launch its electric motorcycle.
Founded by CEO Mark Truman, the Vector is a clean, safe and fulfilling motorcycle accompanied by a connected helmet and ‘intelligent’ rider jacket which creates a ‘human machine interface’, giving to the user information when riding.
The hand-made, lightweight vehicle is set to retail at £90,000.
As part of the deal, the company has appointed David Roberts – who has held senior roles at both Aston Martin and Chrysler – as Chair.