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STILRIDE closes investment round - I
Swedish STILRIDE, which made headlines a year ago when they released concept images of their Sport Utility Scooter One, SUS1, is now ready for the next step after recently closing an oversubscribed investment round of SEK 31 million. The money will be used for the final pieces of the unique STILFOLD manufacturing process and to prepare a series of production of the first model of the Sport Utility Scooter One.
The interest has been great from both existing and new investors thanks to a unique manufacturing process and a first product that has the potential to change an entire market. Through this addition to the coffers, we can recruit an even stronger team for the continued development of the technology and preparations to start producing the Sport Utility Scooter One as our first mass-produced product later in the year, says Jonas Nyvang at STILRIDE.
Among the private angels and investors who have now invested money in the company are, among others, Gustaf Hagman, Saeid Esmaeilizadeh, Andreas Adler, Sam Bonnier and Tobias Emanuelsson . In total there are about 40 shareholders.
The next step for STILRIDE is to further develop and refine the unique manufacturing process STILFOLD, which can most simply be described as "industrial origami". The process makes it possible, with the help of specially developed software, to bend and fold various constructions from sheet steel. The result is a very durable and strong construction that requires significantly less raw material and weighs a fraction compared to a traditional solution.
"There is a very strong team behind this entire solution, which makes the choice to invest easy. They have found a solution to build lighter electric vehicles which is exactly where the whole industry needs to move. In addition, the first product's niche and place in the market is a total no brainer."
Saeid EsmaeilizadehSerial-entrepreneur, Investor and Scientist
STILRIDE is a Swedish technology and design company that will soon launch its first product, the electric motorcycle SUS1. SUS1 is also the first product to use the company's own and unique manufacturing process STILFOLD, where in an origami-like process you can form advanced constructions directly from sheet steel. The process not only creates extremely durable constructions, but also enables environmentally beneficial and local production. STILRIDE was founded in 2020 by Tue Beijer and Jonas Nyvang.
