In its modest plan to become the “number one utility electric vehicle company in the world,” New Zealand-based e-bike firm UBCO recently announced the acquisition of $10 million (USD) in funding for expansion and development.
The huge financial injection was provided by investment firms Seven Peak Ventures, Nuance Capital and GD1, as well as tech company TPK Holdings and angel investment groups Snowball Effect and Enterprise Angels. UBCO says the funding will go toward growing a global team, fast-tracking R&D, and accelerating market growth. It also plans to put resources into its standalone power supply unit and a forthcoming four-wheeled off-road vehicle.
UBCO’s flagship vehicle is the all-wheel-drive 2X2 motorcycle. Utilitarian in nature and appearance, the 2X2 is used in everything from farming to food delivery. Two options are available, ADV and WRK (we assume you can guess the general nature of each one), powered by your choice of a 2.1kWh or 3.1kWh lithium-ion battery. Pricing starts at $7,499 New Zealand dollars (about $5,300 USD).
Momentum appears to be on UBCO’s side. The company had a strong 2020 that included expansion in both new and existing markets, plus the introduction of a subscription service in 2020 that replaces traditional ownership with a rental fee. UBCO says this service will lower carbon emissions and increase vehicle lifespan, since the company will be responsible for ongoing vehicle maintenance. A version of the subscription service for businesses is currently being rolled out in New Zealand, Australia, the UK, Europe, and the US.
“We’ve reached a landmark point in our growth journey and are particularly excited about what these strategic global investors bring to the table during this phase for our business – technology leadership, production expertise, and international connections,” says co-founder and CEO Timothy Allan (not the tool man). “We’re thrilled to continue rapidly growing our business globally and the expertise and capability of these new investors will help us achieve our vision.”