Wheb Ventures, a European clean technology venture capital firm, has invested EUR3m in Torqeedo, a developer of electric outboard motors.
This is the first investment by Wheb Ventures’ Munich office, which opened in April 2009, and gives Wheb Ventures a significant stake in Torqeedo.
Wheb Ventures led the EUR4.7m investment round. The Brose Trust and other existing investors also participated.
Torqeedo, established in 2005 and headquartered in Starnberg in Bavaria, develops and manufactures electric outboard motors for the marine market. The motors provide a viable and environmentally friendly alternative to the sub ten horse power combustion engine outboard market.
Joerg Sperling, partner at Wheb Ventures, says: “Torqeedo has developed, commercialised and proven a highly differentiated clean technology. In less than five years the chief executive and his team have taken Torqeedo from product concept to EUR5m in revenue. They have also succeeded in growing sales by 25 per cent in 2009 despite the extremely difficult economic conditions in the marine industry.
“We believe that international territories represent a very large and fast growing addressable market for Torqeedo’s products. As in Germany, these markets will be driven partly by increasingly strict regulation prohibiting the pollution of lakes and rivers by noise as well as by oil."
Dr Christoph Ballin, chief executive of Torqeedo, adds: “We welcome this investment from Wheb Ventures. Their expertise in building companies internationally will be invaluable to Torqeedo over the next few years as we ramp up sales and enter new market segments with new products.”
