Ampler Bikes raised €7.4 million in a round led by Taavet+Sten.

Ampler Bikes, a Talinn, Estonia-based manufacturer of electric bikes, announced that it completed a funding round closed at €7.4 million ($8.6M).

THe money was raised from Estonian investors led by Taavet+Sten and joined by Jaan Tallinn's Metaplanet, Ambient Sound Investments and Ragnar Sass. The company says the deal was made at a valuation of €47M.

Proceeds will be used as the company plans to expand internationally, eyeing The Netherlands and Switzerland as the next core markets alongside Germany, by opening new showrooms and service centers. Expansion plans include opening a new carbon neutral factory, with the assembly capacity of at least 100 000 bikes a year.

Ampler Bikes, founded in 2014 by CEO Ardo Kaurit, Hannes Laar and Rait Udumäe, is building a 13.4kg bike that is 35% lighter than the average electric bicycle, with an average charge for battery-assisted range of 70 km. Products include the Ampler Curt, Stout and Stellar, sold directly to consumers online, or via showrooms. To date, Ampler has 130 people working between offices in Tallinn, Berlin and Cologne.