Swedish electromobility and industrial tech startup STILRIDE has raised €3.7 million to fuel future growth and innovation. This follows unprecedented demand for its inaugural electric motorcycle – the Sport Utility Scooter One (SUS1) – and sustainable manufacturing technology, dubbed “industrial origami”.
The round was joined by new and existing angels that include Gustaf Hagman, Saeid Esmaeilizadeh and Tobias Emanuelsson, founder and CEO at Polar Structure. STILRIDE is also enabling individual enthusiasts to join the round with smaller investments, through a Crowdcube community fundraise which will end on 15 November.
STILRIDE is pioneering sustainable manufacturing in Europe by introducing a cutting-edge production process. This involves the use of robotic arms to fold steel over curves to form light, strong and durable new shapes.
Their technology, called STILFOLD, makes smarter use of resources and minimises waste, significantly reducing the climate impact of production compared to traditional manufacturing.
The first product to be built using the technology is an electric motorcycle, the Sport Utility Scooter One (SUS1). This will go on sale to the mass market next year. STILRIDE has also recently announced landmark partnerships with Swedish space innovation startup I.S.A.A.C.
Through this, they’ll explore potential applications for their technology in outer space and electric vehicle (EV) company Polestar, with whom the team is collaborating to build the world’s first climate-neutral car.
This latest injection of funding will help STILRIDE further refine and develop the STILFOLD technology. This will bring them closer to achieving their mission of speeding up the journey to electrification in Europe and revolutionising sustainable design and manufacturing using ‘green steel’.
The funding will also help STILRIDE build on the momentum created by their recent partnerships and award wins. This will enable the team to explore new applications for the technology and solve sustainability challenges with fresh thinking and innovative design.
Jonas Nyvang, STILRIDE co-founder and CEO, said: “We’ve been blown away by the interest in both our technology and our first e-mobility launch. We truly believe we have the power to change the future of sustainable design and manufacturing, and this new investment will enable us to push the boundaries of our technology even further, even sooner than we’d hoped.
“We’ve had unprecedented support from new and existing investors but also from our community of technology, design and motorcycle enthusiasts, which has helped us get to this point. This is why we wanted to open this round up to the public.
“We’re really excited to be able to give our community the opportunity to own a small part of the company via Crowdcube’s platform, and have a genuine stake in our future as we continue to grow. This is a really exciting time for us and we can’t wait to bring more of you along for the ride.”
STILRIDE was founded by best friends Tue Beijer and Jonas Nyvang in Stockholm in 2019. They are now a team of 25 and have over 135,000 people on the waiting list for their first electric motorcycle.
Earlier this year, STILRIDE won the Industrial Award at Scandinavia’s most prestigious innovation competition, Techarenan Bright. The startup has also been shortlisted in the Mobility category at The Europas.