Spain-based electric scooter producer Scutum has raised €2 ($2.7m) in series A funding from investors including oil and gas company Repsol, Caixa Capital Risc, which is part of financial services form La Caixa, and the Spanish state-owned Centre for Technological and Industrial Development.
Founded in 2011, Scutum has developed a rechargeable scooter with a patented removable battery that is easy to charge and carry. The company’s S02 model is aimed at businesses that rely heavily on scooters, including couriers, distributors and messaging companies.
There has been a global demand in the market for electric scooters over the last few years but although there are currently an estimated 200 million two-wheel vehicles in the world, electric scooters account for only 2%.
The switch from petrol to electric power will allow companies to cut fuel consumption, as the price for running the scooter is estimated at €0.50 ($0.70) per 100 kilometres. Scutum plans to use the investment to industrialise production and expand its marketing campaign for the S01 model, which is targeted at the general public.