EVELO bicycle maker raises $750,000 from SeedInvest

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.

EVELO bike

EVELO bike

“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.