Mate.Bike secured €2.6 million via Seedrs.

Mate Bike, a Copenhagen, Denmark-based manufacturer of a foldable electric bike, secured €2.6M ($3M) in capital investment.

The funding was raised from 946 investors via an equity crowdfudning campaign on Seedrs.

Mate.Bike, founded in 2016 by siblings Christian Adel Michael and Julie Kronstrøm Carton and led by CEO Kaarthik Subramani, produces an foldable electric bike made in Copenhagen, Denmark. The bike weighs 19kg and comes in two versions, one for the American market and one for the EU one, as rules and regulations are different for each. The products were sold to more than 20k customers from 80 countries and generated 2019 sales of $18.4m and EBITDA of $0.6m in 2019.