Evum Motors announced raising €12 million from Bayern Kapital et all.

Evum Motors, a Munich, Germany-based producer of electric utility vehicles, announced the completion of a €12 million ($14M) funding round.

The money was raised from German investors, including Bayern Kapital and an undisclosed family office based in Baden-Württemberg. Exisiting investors Otto Spanner GmbH (automotive supplier), the Glatthaar Group (European market leader for floor slabs and basements) and the Franz Schabmüller Group (automotive supplier) were also part of the deal.

Proceeds will be used for the start of series production, market entry and the development of the dealer and service network in Germany

Evum Motors, led by Sascha Koberstaedt and Martin Šoltés, was founded in 2017 as a spinoff from a research project at the Technical University of Munich from the basic idea of ​​building a simple, robust, fully electric commercial vehicle for Africa and other emerging countries. Currently the company is focused on Germany and the European market.