Shark Backed Electric Bike Evelo Closes Seed Round with Help from SeedInvest

Evelo BikeEVELO, an electric bike startup, has closed on its seed funding round with the help of both SeedInvest and Shark Tank star Barbara Corcoran‘s Venture Partners group. Evelo raised $750,000 with the bulk of that being crowdfunded on SeedInvest ($683,500).

“We invested in EVELO because we believe in the founders’ vision and in their ability to execute,” stated Phil Nadel, Managing Director at Barbara Corcoran Venture Partners.

EVELO develops and distributes long-range, electric bicycles for recreation and commuting. EVELO states its eBike’s may deliver up to 60 miles of ride time (with an additional battery) and claim to be “the best electric bike on the market”. If you are interested in digging in deeper, EVELO has put together a comparison chart contrasting their product with some of their competitors.

“We’ve grown the company for 3+ years organically by relying on sales and revenue to fund expansion,” says EVELO CEO and co-counder Boris Mordkovich. “This enabled us to build a lean, profitable organization and helped us with our fundraising efforts via SeedInvest. After about two and a half months, we were able to raise the majority of the round to help fund further R&D efforts and a more aggressive growth strategy in 2016 and beyond.”

 

EVELO used a convertible not to raise capital on SeedInvest. The company states it has generated $1.05 million in revenue during the last 6 months.


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