Electric bicycle manufacturer and distributor EVELO has successfully raised $750,000 from a group of SeedInvest investors and Barbara Corcoran Venture Partners.
Venture funding will help EVELO grow faster than it could have by relying solely on sales and revenue, CEO and Co-Founder Boris Mordkovich said.
“We’ve grown the company for three-plus years organically by relying on sales and revenue to fund expansion. This enabled us to build a lean, profitable organization and helped us with our fundraising efforts via SeedInvest.”
“After about two and a half months, we were able to raise the majority of the round to help fund further R & D efforts and a more aggressive growth strategy in 2016 and beyond.”
EVELO’s early efforts impressed SeedInvest.
“When we brought on EVELO we were impressed by the founders’ ability to build a self-sustaining business without any outside capital to-date,” Investment Director Ameet Padte said.
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