Damon Motors raises $38M to fuel aggressive growth plans
The round was led by House of Lithium and other strategic investors.
A day after it announced plans to expand in Europe, electric motorbike maker Damon Motorcycles revealed that it raised $38 million ($30M USD) in a Series B funding round led by House of Lithium and several strategic partners.
As Vancouver Tech Journal reported in October, the company is moving ahead rapidly with growth plans as it recently broke ground on two new buildings, grew its executive team and exceeded $45M in presales for its HyperSport motorbike. This new funding will help drive the company forward, faster by accelerating its production and manufacturing efforts as it prepares to open its Vancouver factory and start deliveries next year.
“The ride has been nonstop since we first unveiled the HyperSport at CES,” said Jay Giraud, co-founder and CEO of Damon Motors, in a statement. “As 2022 approaches, it’s full speed ahead with the backing of House of Lithium and the investment community, as well as the riding community.”
Why does this all matter? As the world wakes up to the impacts of climate change, riders expect cleaner options for getting around that do not rely on harmful fossil fuels. With its motorbike and aggressive expansion goals, Damon is positioning itself as a clean transportation alternative offering a potentially cleaner, quieter and safer path forward for riders and the environment.
The money talks: “Damon Motors has unveiled a comprehensive vision for e-powersports that encompasses both the needs of riders as well as the needs of the planet,” said Andy DeFrancesco, chair and CEO, SOL Global & House of Lithium. “Their forward-thinking innovation has resulted in a disruptive, exciting path forward that is altering the landscape of motorcycling.”
Hitching a ride on this rocketship: Damon is looking to fill 150 job openings in 2022 in all departments, including engineers with automotive, battery, power train, and embedded software expertise.
For more funding news, subscribe to the Sunday Briefing: