Swedish STILRIDE raises €3.7m investment in their “Industrial-Origami” tech, and opens Crowdcube fundraise for community investors interested.
Swedish tech startup STILRIDE, raises €3.7m to fuel future growth and innovation, following unprecedented demand for its inaugural electric motorcycle – the Sport Utility Scooter One (SUS1). Stilride is an electromobility and industrial startup that has developed a sustainable manufacturing technology, dubbed the “industrial origami”.
The funding round was joined by new and existing angel investors including Gustaf Hagman, Saeid Esmaeilizadeh and Tobias Emanuelsson (founder and CEO at Polar Structure). STILRIDE is also enabling individuals to join this investment round with smaller investments, through a Crowdcube community fundraise which will end on 15th November.
STILRIDE is pioneering sustainable manufacturing in Europe, by introducing a cutting-edge production process which involves the use of robotic arms to fold steel over curves to form light, strong and durable new shapes. The Stilride technology, which we’ve covered here before, dubbed STILFOLD, makes better use of resources and minimizes waste, significantly reducing the climate impact of production compared to traditional manufacturing.
The first product to be built using the technology is an e-motorcycle, the Sport Utility Scooter One (SUS1), which is expected to launch in mass market in 2023. STILRIDE has also recently announced landmark partnerships with Swedish space innovation startup I.S.A.A.C – through which they’ll explore their technology applications in outer space – as well as a cooperation with electric car company POLESTAR, with whom Stilride plans to build the world’s first climate neutral car.
This latest injection of funding will help STILRIDE further refine and develop the STILFOLD technology, taking them a step closer to achieving the mission of speeding up electrification in Europe and revolutionizing sustainable design and manufacturing using “green steel”.
The funding will also help STILRIDE build on the momentum and to explore new applications for the technology and solve sustainability challenges with fresh thinking and innovative design.
“We’ve been blown away by the interest in both our technology and our first e-mobility launch. We truly believe we have the power to change the future of sustainable design and manufacturing, and this new investment will enable us to push the boundaries of our technology even further, even sooner than we’d hoped.
“We’ve had unprecedented support from new and existing investors, but also from our community of technology, design and motorcycle enthusiasts, which has helped us get to this point. This is why we wanted to open this round up to the public. We’re really excited to be able to give our community the opportunity to own a small part of the company via Crowdcube’s platform, and have a genuine stake in our future as we continue to grow. This is a really exciting time for us and we can’t wait to bring more of you along for the ride.”
Jonas Nyvang, CEO and co-founder at STILRIDE
Founded by best friends Tue Beijer and Jonas Nyvang in Stockholm in 2019, STILRIDE now employs a team of 25 and have over 135,000 people on the waiting list for their first e-motorcycle.
Earlier this year, STILRIDE won the Industrial Award at Scandinavia’s most prestigious innovation competition, Techarenan Bright. The startup has also been shortlisted in the Mobility category at The Europas.
Source: Stilride | Press Release