Ampler has raised € 7.4 million in an equity round to support its expansion plans.
The round was led by seasoned investors Taavet Hinrikus and Sten Tamkivi from Taavet+Sten and joined by top Estonian investors Metaplanet, Ambient Sound Investments and Ragnar Sass. It puts the company valuation at €47 million.
The company will use the capital to continue building the ‘future of personal transport by tackling the urban commuting problem’. Ampler is continuing its expansion by doubling the headcount and showrooms in 2022, as well as building a new carbon-neutral factory by 2023.
Taavet+Sten’s vision is to promote the technology sector in Europe, including Estonia, with a ‘decades-long’ view. The firm invests the money and expertise of the owners themselves with the aim of supporting companies with future solutions over the long term.
Tamkivi said: “As entrepreneurs and leaders, we have been building companies together since high school and have learned that the best way to create value for the world with technology is to be ingenious at solving some very complex problems. Ampler is moving in the right direction to ensure a cleaner planet for us.”
Ampler’s plans are to establish The Netherlands and Switzerland as the next core markets alongside Germany, by opening new showrooms and service centres. The next showroom will be opened in the vibrant Haarlemmerbuurt neighbourhood in Amsterdam. Ampler is aiming to become a ‘role model’ for environmental sustainability for the cycling industry as expansion plans include opening a new carbon-neutral factory, with an assembly capacity of at least 100,000 bikes a year.
Ardo Kaurit, CEO and co-founder of Ampler Bikes, said: “All Ampler e-bikes are hand-assembled in our own factory, as we believe that self-owned assembly will continue to be an important competitive advantage in order to offer the best urban commuting experience with user friendly, reliable and sustainably built light electric bikes.”
Ragnar Sass, co-founder of Estonian 5th unicorn Pipedrive and active angel investor in greentech, said: “I joined the Ampler round because they are boosting the most climate-friendly transportation mode – bicycles. And as an active user of Ampler e-bikes – I know that their products are truly the best in the world – both by the quality and service. I am sure the company has all it needs to become another unicorn from Estonia.”
Kaurit added: “We are really proud to start this next chapter with investors and entrepreneurs who we look up to and believe that we can have a successful and long-lasting journey together which will be beneficial for all shareholders as well as our existing and future customers.”