German mobility startup Sono Motors – which is building a car powered by solar energy – is raising a major €50M funding round through external investors and its community. Now, a Bremen-based single family office contributed a major amount to the funding round.
Sono Motors: Munich-based startup working on an innovative electric car
Sono Motors is a German mobility startup founded in 2016. The Munich-based company wants to build an electric car that works with integrated solar cells. In total, more than 10,000 preorders for the company’s flagship model “Sion” exist. Already more than 13,000 test drives were finished. To fuel its further growth, the company now intends to raise €50M within 50 days. Sono’s previous funding campaigns were often done through Crowdfunding platforms like Seedrs.
German single family office as a major investor
At the end of December (2019), only €32M were raised so far. On the 8th of January, the funding amount rose by €10M through a major investment of the German single family office ELFH Holding and the venture capital firm WiVenture. ELFH Holding is a rather unknown German family office with its headquarters in Bremen. The investment shows the increasing role that family offices play when it comes to venture capital financing rounds.
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