Invitalia leads €1.5 series-A for Zehus

According to a statement, the company intends to use the fresh capital to expand its business internationally.

The deal marks the first co-investment with a corporate for Italia Venture I, joining forces with Italian bicycle tyre manufacturer Vittoria Industries. Italia Venture I is managed by Invitalia, the asset manager of Italy's economy development ministry.

Vittoria has a presence in the US, Thailand, Hong Kong and Taiwan. In 2012, the company inked a partnership agreement with Directa-Plus, recently floated by Italian private equity firm Quadrivio.

Company
Founded in 2013, Zehus is a spinout from Politecnico di Milano. Headquartered in Milan, the company produces Bike+, a device for electric bicycles that combines a battery, an engine and sensors in the rear wheel that enables manufacturers to make electric bicycles with no charging needs.

The device can also be combined with a smartphone app which allows customers to select a power mode, manage trip data, receive online diagnoses, lock the bike and manage several other functions, including finding a stolen bike.

People
Invitalia Ventures – Salvo Mizzi (CEO); Ciro Spedaliere (investment manager).
Zehus – Marcello Segato (CEO).

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• Topics
• Early-stage
• Consumer
• Southern Europe
• Italy
• Venture