According to STILRIDE, the funding announcement follows unprecedented demand for its inaugural electric motorcycle – the Sport Utility Scooter One (SUS1) – and sustainable manufacturing technology, dubbed ‘industrial origami’.
The round was joined by new and existing investors including LeoVegas CEO and founder Gustaf Hagman, and Polar Structure founder and CEO Tobias Emanuelsson. Individual enthusiasts can also join the round with smaller investments, through a Crowdcube community fundraise which will end on 15th November.
STILRIDE described its sustainable manufacturing production process as ‘cutting-edge’, involving the use of robotic arms to fold steel over curves to form light, strong and durable new shapes. Its technology, called STILFOLD, aims to make smarter use of resources and minimise waste to significantly reduce the climate impact of production.
The first product to be built using the technology is the SUS1, which will go on sale to the mass market next year. STILRIDE has also recently announced landmark partnerships with Swedish space innovation startup I.S.A.A.C, exploring the technology’s potential applications in outer space, and electric car company POLESTAR with whom the team is collaborating to build the world’s first climate neutral car.
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The latest injection of funding will help STILRIDE further refine and develop the STILFOLD tech, bringing the startup closer to achieving its mission of speeding up the journey to electrification in Europe and revolutionising sustainable design and manufacturing using ‘green steel’.
It will also help STILRIDE build on the momentum created by its recent partnerships, enabling the team to explore new applications for the technology and solve sustainability challenges.
“We’ve been blown away by the interest in both our technology and our first e-mobility launch,” said Jonas Nyvang, CEO and co-founder at STILRIDE. “ We truly believe we have the power to change the future of sustainable design and manufacturing, and this new investment will enable us to push the boundaries of our technology even further, even sooner than we’d hoped.”
STILRIDE was founded in 2019 by Nyvang and Tue Beijer in Stockholm. It now has a team of 25 with over 135,000 people on the waiting list for the SUS1.
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