Mate raised funding from Mirabaud Asset Management and Marcy Venture Partners.

Mate Bike, a Copenhagen, Denmark-based manufacturer of a foldable electric bike, announced the completion of a capital funding round.

The money was raised from investors led by Mirabaud Asset Management through the Mirabaud Lifestyle Impact and Innovation fund (MLII), joined by Marcy Venture Partners. According to a press release, Mirabaud's contribution was €3 million ($3.5M).

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.

In addition to the online shop, Mate opened flagship stores in Copenhagen and Tokyo and is currently working with 15 partners worldwide to grow its retail sales. It previously raised €2.6 million via Seedrs in 2020.