NRW Bank rides with Unu

The $7.9m investment in the smart electric scooter company will fund the development of new products and drive market expansion into France and the Netherlands.

Germany-based smart scooter company Unu has raised €7.5m ($7.9m) from investors including NRW Bank, the development bank for the German state of North Rhine-Westphalia, Gründerszene reported on Tuesday.

The round was co-led by venture capital firms Capnamic Ventures and Iris Capital. Assorted angel investors including Michael Baum also backed the round, both privately and through his investment company Founder.org

Founded in 2013, Unu has developed an electronic smart scooter with a removable battery that can be charged indoors. The company has partnered garages across Germany to offer local repairs in case of breakdowns.

Unu plans to spend the capital on a rework of its scooter and also development of a new internet-connected model. Additionally, the investment is funding the company’s expansion into France and the Netherlands.

While Unu is considering a US expansion in the long-term, the company is weary of regulatory hurdles in several states that require drivers to hold a separate license for scooters and of the US government’s calls for higher import taxes.

In 2015, Unu raised €1.5m in seed funding, according to the latest Gründerszene report. bringing the company’s total equity by that point to €3.5m, supplied by backers including Capnamic, Iris and angel investor Andy Goldstein.

See more from this Government Report: Germany

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