Scuter Raises €3M in Seed Funding

Scuter, a Rome, Italy-based urban mobility vehicle startup, raised €3m in seed funding.

The round included:

  • A zero-interest debt financing plus a grant by the government’s agency INVITALIA.
  • A medium-term debt financing bounded to the production of the first fleet of vehicles, from Intesa Sanpaolo Bank, through a manufacturing partner.
  • A convertible investment led by LVenture Group and other Business Angels in co-matching with CDP Venture Capital

The company intends to use the funds to expand its development efforts. 

Co-founded in 2015 by CEO Gianmarco Carnovale, CBDO Gabriele Carbucicchio, CDO Carmine Di Nuzzo, and CTO Luca Ruggeri, Scuter is a hardware-based tech startup whose system is comprised of:

– an AI and ML driven cloud platform,

– a smartphone app for users to find their closest vehicle and park it with an interactive map,

– a battery charging cabinet, and,

– a patented single-seat electric 3-wheeled vehicle.

To start the development of its concept, the company raised initially almost €600k in a pre-seed financing from friends and family, business angels and through the crowdfunding platform Mamacrowd. Scuter was also the winner of a grant in the INCENSE contest run by the European Commission with ENEL.

Thanks to these funds, the company was able to validate the initial intuition developing and road-testing four evolutive prototypes, and finally achieve patents and the homologation of the vehicle valid to be license plated throughout Europe.