EGO Movement to get CHF 3M in funding

EGO Movement, a Zurich, Switzerland e-bike manufacturer, secured a CHF 3M ($3.3M) capital investment round.

The money was raised in addition to a guarantee from the technology fund of the Federal Office for the Environment (Technologiefonds) in August 2020. Proceeds will be used for expansion and extending the product scope. The company aims to open three new stores in Zug, Aarau and Winterthur by the end of 2020 and ten more in 2021.

EGO Movement, founded in 2015 by CEO Daniel Meyer and Marie So, manufactures electric bicyles, sold both online and via their own stores.