Munich-based Fazua receives 6.5 million euros in funding for its integrated pedelec drive evation. Venture capitalists trust the company to both expand their production and circle of clients beyond Bianchi, Cube, Pinarello, and Focus.
Fazua was founded in 2013 to develop an e-bike drive that is light and almost invisible. The evation system integrates the motor inside the bottom bracket. The battery is hidden inside the frame making it only slightly bigger. Overall, the drive weighs in with no more than 1.5 kilos, including a battery for a range of 50 km.
Fazua first made their entry with a running version at the Eurobike 2016. Since, the young startup has convinced bike makers such as Cube, Bianchi, Pinarello and Focus to use their system in some of their lines. Their market is mainly performance pedelecs, where weight and discretion of a drive count.
The company got investors convinced. The latest round of financing sees Fazua collect 8 million dollars, or 6.5m euros in funding. In their statement, they say they will use the funding to drive business growth forward. Additionally, they want to strengthen their in-house product development and will move into bigger premises this Spring.
Hence, Fazua is currently looking for candidates for quality control, production management and electronic development, among other positions.