Modmo Technologies, producers of high-tech electric bikes, have announced the closing of their seed investment round which amounted to €8.7M.
DUBLIN, IRELAND, February 04, 2022 /24-7PressRelease/ — Modmo closed out 2021 with a €5m investment from Ballymore Group CEO Sean Mulryan, in addition to €2.7M raised in September and €1M in March from several angel investors.
Modmo is led by 25-year-old Irishman Jack O’Sullivan who relocated to Vietnam to work on product development in 2019 and launched the electric bicycle business in 2020. Today, Modmo has 35 engineers based in Vietnam and expects the headcount to exceed 100 this year.
Modmo founder and CEO Jack O’Sullivan welcomed the closing of the seed investment round: “I spent the past 3-years in Vietnam focusing on product development and returned to Ireland in August to raise the capital we would need to ramp up production build a team in Dublin to focus on sales, marketing and support. We now have 10 people in the Dublin office and expect to reach 30 this year.”
Sean Mulryan said: “The future cities will have transport sectors powered predominately by electrification. Electric bikes are already playing a role and are fast becoming one of the most popular modes of urban transport throughout Europe. A solution that has been proven to directly improve human health both mentally and physically while also helping to combat local combustion pollution. I fully support MODMO’s vision, and I am excited to contribute to making cities more clean, green, and enjoyable to live in.”
Modmo is currently delivering to 8 European countries and plans to expand to North America with the opening of their first dealership in Vancouver BC, Canada in March. With Germany making up 85% of global sales, they have been developing a vast servicing network which can now offer servicing anywhere in the country within 48-hours.
Jack O’Sullivan concluded by saying: “The latest investment from Sean will greatly accelerate our goal of getting an ebike in every household in Europe.”
Modmo’s mission is to accelerate the adoption of cycling as a primary mode of urban transportation. They strive to replace fossil fuels with green energy, preserving the environment, contributing to clean air initiatives, and aiding in the growth of a new, and healthier global lifestyle. They hope that by 2025, each household will adopt e-mobility as their preferred means of transit, and their aim, as a brand, is to become an industry leader in design, technology, and top-of-the-line user experience.
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