EV startup Trouve Motor incubated in FasterCapital’s ‘Raise Capital’ program; to raise $3 mn

Electric vehicles start-up Trouve Motor on Wednesday said it has been incubated in FasterCapital’s ‘Raise Capital’ program to raise about $3 million (over Rs 20 crore) for its seed funding round.

FasterCapital, a venture capital firms based in Dubai, will connect Trouve Motors with its vast network of angel investors through this program, the company said in a statement.

”The idea is to raise funds to the tune of $25 million by the end of this year,” it added.

Commenting on the development, Trouve Motor Founder Arun Sunny said, ”we aim to make EV transition seamless for ICE users and aspire to transform how electric bikes are viewed by augmenting users’ riding experience using advanced technologies like AI and blockchain. We need strong investor support to make this vision a reality, and this is where FasterCapital will assist us.”

FasterCapital CEO Hesham Zreik said, ”our team will work with the team at Trouve on preparing and creating the right pitching materials, and then we will match the project with the right funding sources to help it raise the money needed as soon as possible.” Trouve Motor said it plans to hit the market with its electric motorcycle in 2023.

(With inputs from PTI)

Published on: Wednesday, March 16, 2022, 03:15 PM IST