In a significant development in the world of electric vehicles, French startup Kate has raised a substantial $7.6 million (€7 million) funding round from a group of business angels. This investment is expected to play a crucial role in the company’s ambitious plans to revolutionize everyday mobility with its innovative approach to car design.
Background and Objectives
As we previously reported on Kate, the startup has set its sights on creating an alternative to traditional cars that are electric or not. The objective is to create a smaller, more affordable, and easier-to-maintain vehicle that can cater to people’s daily needs. With this funding, Kate plans to accelerate its development process and bring its vision to life.
Notable Investors
The investment round has attracted some notable investors in the tech industry, including:
- Julien Lemoine, co-founder and CTO of Algolia
- Emmanuelle Brizay, investor at AC8 INVEST
- Christophe Maurissen, managing director at Alcogroup
- Romain Afflelou, CEO of Cosmo Connected
- Benoît Charles-Lavauzelle, CEO of Theodo
- Antoine Leconte, founder of Cheerz
These investors bring a wealth of experience and expertise to the table, which will undoubtedly contribute to Kate’s success in the electric vehicle market.
Acquisition of NoSmoke
Kate has also acquired NoSmoke, a small manufacturer of electric vehicles inspired by the Mini Moke. This strategic move allows the company to reuse existing parts and manufacturing processes, reducing development time and costs.
The K1: A New Era in Electric Vehicles
The flagship product from Kate is the K1, a lightweight car designed for daily use. The K1 boasts an impressive top speed of 90 km/h (56 mph) and has four seats, making it an ideal vehicle for suburban or rural areas. With an expected battery range of 200 kilometers (124 miles), the K1 is poised to revolutionize the way people commute.
Timeline and Expectations
Kate has set an ambitious timeline for the unveiling of the K1 in the third quarter of 2023. With this significant milestone, the company aims to make a lasting impact on the electric vehicle market.
Conclusion
The $7.6 million funding round is a testament to Kate’s innovative approach and commitment to transforming the mobility landscape. As the startup continues to push the boundaries of what is possible in electric vehicles, we can expect to see exciting developments in the near future.
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