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November 4, 2019
Johan Erlandsson

Velove raises € 1M in a seed round led by Almi Invest

Almi Invest's GreenTech fund invests appr. € 0.4M in Gothenburg-based Velove Bike's energy efficient and city friendly solutions for city logistics. Idealist and a number of private investors also participate in the total investment of appr. € 1M.

With proven hardware and the recent award "International Cargo Bike of the Year", Velove Bikes can, with the investment, now expand its operations.

- There is a great need for better mobility solutions that can replace heavy motor vehicles. Many deliveries and services can be carried out by significantly smaller and more environmentally friendly vehicles. Velove Bikes has great potential to radically reduce energy and resource consumption of deliveries. The company's flexible electric cargo bike reduces electricity consumption by more than 90% compared to an electric van, says Jörgen Bodin, Investment Manager at Almi Invest's GreenTech fund.

E-commerce is projected to increase by 17-28% annually. Velove Bike's groundbreaking cargo bike with a containerized delivery process increases the productivity and delivery quality of their customers, while making the city more liveable. The cargo bike carries up to 300 kg and 2 m3 and is designed to work well on bike lanes, with its width that is smaller than family cargo bikes.

- We have come quite far already, with customers in 20 countries and a number of big brands using our energy efficient solutions. But with better financial resources, we can take the next step towards increased volumes - so we can make a bigger difference”, says Johan Erlandsson, CEO of Velove Bikes.

Cargo bikes are estimated to be able to replace about 20% of professional motor vehicle deliveries, based on delivery distances and the nature of the goods. Today, this potential is basically untapped and Velove's ambition is to be a leader in the growth. In addition to investments in production and development, the investment will be used to develop the city hub concept that has just been premiered in collaboration with, among others, DHL Express.

- Our city hubs have the potential to make it easier and more cost-effective for our customers to switch from van to cargo bike, while also having the potential to generate increased and recurring revenue for us, says Johan Erlandsson.

- I am very impressed with what the team has managed to achieve so far and now, with investment and expertise, want to help them increase the production rate to meet the rising demand. The more bicycles Velove can deliver, the more benefits, not only to achieve the climate goals, but also for public health and the urban environment, says Herman Pihlträd at Idealist AB, former COO at Blueair.

Almi Invest press release: https://press.almiinvest.se/posts/pressreleases/almi-invest-investerar-i-velove-bikes-energis

Article in Veckans Affärer (Swedish): https://www.va.se/nyheter/2019/11/04/elfraktcyklarna-fran-goteborg-vaxlar-upp--ska-fixa-de-snabbvaxande-e-handelsleveranserna-i-storstaderna/

For further information contact
Jörgen Bodin, Investment Manager Almi Invest, tel +46 72 205 26 79, email jorgen.bodin@almiinvest.se
Johan Erlandsson, CEO of Velove Bikes, tel +46 70 773 16 82, email johan.erlandsson@velove.se
Maria Kessling, Head of Communications Almi Invest, tel. +46 76 880 88 10, email maria.kessling@almiinvest.se

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