Elevera advises Swedish Velove on €1M Investment Round
7th November 2019 - Gothenburg

Elevera advises Swedish Velove on €1M Investment Round

Accelerating the availability of electrified & containerized Last-Mile-Delivery services by eCargoBike and CityHubs

Gothenburg, 7th November 2019 – Elevera Advisers is pleased to have acted as exclusive financial advisor to Velove Bikes AB on a €1M seed investment with participation from Almi Invest GreenTech Fund and Idealist AB in addition to family offices and business angels.

Velove is the pioneer in containerizing last-mile-delivery with its award winning 4-wheeled Armadillo high capacity eCargoBike and detachable City Containers. Earlier this year, Velove was named the International CargoBike of the Year in Groningen, The Netherlands.

Velove has emerged as one of the most significant contributors to making last-mile-delivery in dense urban environments more productive and sustainable, compared to vans (electric or diesel)

Key to this success is Velove’s optimization for bike lanes to avoid road congestion and deliver on time. Armadillo’s slim size, agility and speed allows for harmonious co-existence with fellow cyclists as the popularity of biking is on the increase with electrification.  Customers today include logistics behemoths like DHL Express, DB Schenker, Hermes, Bring, UPS, DPD and Swiss Post, all of whom are under pressure to lower their CO2 emissions whilst keeping up with the ever-increasing demand for fast e-commerce home deliveries. In addition, customers also include new specialized last-mile-delivery platform companies like Airmee, as well as retailers taking control of their own same day delivery promise to consumers.

Johan Erlandsson, Co-Founder and CEO of Velove says: “We are delighted to have closed the first of many planned institutional investment rounds, after having been a bootstrapped startup until now.  I believe that one key reason to our early success are the many iterations of our product. In close co-operation with our customers, we have created the most reliable last-mile-delivery vehicle that everyone loves – especially the couriers! Our customers have already laid thousands of kilometers behind them delivering packages, food and field services.  We continue to expand our European network of maintenance partners to ensure best possible “uptimization” for our customers so that they can keep their promises of on-time deliveries – with minimum CO2 emission!”  

Dennis Kanter, Co-Founder and Head of Product at Velove adds “With this funding we will continue to innovate.  Not only to continue to improve our much-loved Armadillo and City Container, but also on how we do business with our clients.  We know that our customers need reliability and flexibility to meet the increasing requirement of fast deliveries from e-commerce retailers. Therefore, Velove can now offer our solution as a service or rental, alongside traditional purchase or leasing options.  In addition, Velove’s European partner network is fast expanding including a growing network of CityHub partners, offering container transfers from large vehicles to Velove’s eCargoBikes”.

Jörgen Bodin, Investment Manager at Almi Invest GreenTech Fund says: “There is a great need for better mobility solutions that can replace heavy motor vehicles. Many deliveries and services can be carried out by significantly smaller and more environmentally friendly vehicles. Velove Bikes has great potential to radically reduce energy and resource consumption of deliveries. The company’s flexible electric cargo bike reduces electricity consumption by more than 90% compared to an electric van”  

Herman Pihlträd at Idealist AB, adds:  “I am very impressed with what the team has managed to achieve so far and now, with investment and expertise, we want to help Velove increase the production rate to meet the rising demand. The more eCargoBikes Velove can deploy, the more benefits, not only to achieve the climate goals, but also for public health and the urban environment”

On the funding process, Johan Erlandsson continues, “Elevera has provided not just support in a structured funding process, but helped the leadership team with growth strategies, market research, key executive recruitments, individual coaching and board advice. We are thankful for all the hands-on help we have received from Elevera during this important project to help Velove grow and make a real difference!”

Thorgeir Einarsson, CEO of Elevera Advisers adds “It’s been a pleasure to have worked with such dedicated and purpose-driven founders like Johan, Dennis, Linda and the rest of the team on this project. Velove is probably one of the most inspiring projects we have been involved with, where the mission is a beautiful mix of environmental sustainability and an enormous potential to change the whole last-mile-delivery industry. I believe that Velove is on track to create an exceptionally valuable company that will make a positive impact on reducing CO2 emissions across cities in the world.”

Velove Team celebrates winning the International Cargo Bike of the Year award 2019 in Groningen, The Netherlands

Velove Team celebrates winning the International Cargo Bike of the Year award 2019 in Groningen, The Netherlands

About Elevera Advisers
Elevera Advisers provide hands-on strategic advisory, fund-raising and M&A services for technology start-ups and growth companies. Elevera has its base in Sweden with associates in London and San Francisco.
For further information, please visit www.eleveraadvisers.com
Media Contact: Thorgeir Einarsson, CEO & Founder, +46 76 1021742 or thorgeir@eleveradvisers.com

About Velove Bikes AB
Incorporated in 2015, Velove Bikes AB is a Swedish startup on a mission to replace as many vans and cars as possible to reduce CO2 emissions. What began as a prototype by Johan Erlandssons and his father in a garage, has today become one of the world’s most successful eCargoBike with a revolutionary City Container. Velove is offering a flexible and electrified last-mile-delivery solution, available as a service, rental, leasing or purchase. Customers include some of the world’s largest logistics companies like DHL Express, DB Schenker, Hermes, Bring, UPS, DPD and Swiss Post. The company’s award-winning last-mile-delivery solution has already delivered packages in 19 countries.
For further information, please visit www.velove.se
Media Contact: Johan Erlandsson, CEO of Velove Bikes,  +46 70 773 16 82 or johan.erlandsson@velove.se

About Almi Invest & the GreenTech Fund
Almi Invest is the most active startup seed investor in Sweden having made c.660 seed investments since inception. It has 8 regional venture branches with the GreenTech Fund acting on a national level. Almi has assets-under-management representing c.€300m. Some of the most successful Almi portfolio companies have been acquired by leading technology companies such as Google, Microsoft and Apple or have gone public. Almi Invest is a venture capital firm within the larger Almi Group.
For further information, please visit www.almiinvest.se
Media Contact: Jörgen Bodin, Investment Manager Almi Invest, +46 72 205 26 79 or jorgen.bodin@almiinvest.se

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