Zeno is one of those companies, and this week it announced a $25 million Series A to expand its app-controlled battery-swap network and produce more of its Emara motorcycles. About $20.5 million of the total was an equity fundraise, Zeno co-founder and CEO Michael Spencer told TechCrunch. It was led by Congruent Ventures with participation from Active Impact and Lowercarbon Ventures.
The company, founded in 2018 by university friends Seb Inglis-Jones and Will Stirrup, attracted backing from venture capital firms including Venrex, Future Planet Capital and Elbow Beach Capital, alongside angel investors such as John Ayton, co-founder of Links of London, and Simon Hill-Norton, founder of Sweaty Betty. It has also secured a £3 million working capital facility from HSBC UK.