“FlyCap Mezzanine fund II” is expanding its operations in the Baltics by investing in the Estonian remote-controlled electric car sharing company – “Elmo Rent Autojagamine OÜ”, informs the representatives of the fund.
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This company is part of the “Elmo” group of companies, which is the first company in the world to offer remotely controlled electric cars for public use.
“FlyCap” participated in the financing round, which reached a total of 2.6 million euros, with the aim of accelerating the licensing of remote-controlled technology in foreign markets, increasing the team necessary for the development of the technology, and preparing new environmentally friendly remote-controlled cars for road traffic, which will be offered for public sharing on its platform.
“It is a great recognition of our team’s current work that experienced investors in today’s financial climate are willing to contribute to the development of Elmo. It only proves that Elmo’s position in the rapidly growing remote-controlled vehicle industry is strong,” emphasizes En Lanso. Founder and manager of “Elmo”.
“At the end of the financing round, we will be able to separate the short-term electric car sharing business direction from the new technology development and licensing business, which will allow us to attract new investors with a specific focus on one of the business lines,” Lanso added.
“FlyCap highly appreciates the success of Elmo so far. Elmo is an Estonian technology company that is a world pioneer in the implementation of remote technology services in everyday use,” says FlyCap partner Jānis Liepiņš.
“FlyCap” will finance the purchase of electric cars and the expansion of the car-sharing network, while other investors will provide funding for the further development of this innovative technology. Considering the company’s significant investment in the development of the technology, the company’s financial results did not meet the criteria of commercial banks, so “FlyCap” carried out a comprehensive car-sharing business line analysis and saw its significant growth potential,” emphasizes Liepiņš.
Last year, “Elmo” became the world’s first deep-tech company, which, after receiving the permission of the Estonian Transport Authority, began to offer remotely controlled electric cars on its shared platform on the streets of Estonia.
Remote-controlled cars have become a daily service in Tallinn, Tartu and soon in other cities where the licensing process is currently underway. “Elmo” remote control cars have been demonstrated in Paris, Munich, Hanover, Zurich, Vienna, Helsinki, Los Angeles and other big cities to get permission to participate in road traffic. So far, negotiations have been held with more than 50 customers who are interested in licensing the technology, and preparations have been made to start using “Elmo” technology in at least two foreign cities already this summer.
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“Elmo” is an Estonian company specializing in the development of innovative deep-tech technology for remote-controlled cars and providing environmentally friendly vehicle sharing services since 2013.
2023-08-11 05:49:23
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