Velove Bikes announced a SEK 10M capital investment round.

Velove, a Gothenburg, Sweden-based manufacturer of innovative logistics bikes, announced completing a SEK 10M ($1M) capital investment round.

The money was supported by Swedish investors including Almi Invest and Idealist AB and will be used to expand the company's operations.

Velove, founded in 2015 and led by CEO Johan Erlandsson, develops ultra energy- and resource efficient solutions for city logistics and urban mobility. The company has two products: the Armadillo - a four wheel, fully suspended cargo cycle and The City Container  - a container cargo bike.