Electrify is a Riga-based mechanical engineering company founded in 2019 and is Latvia’s only car manufacturer. The company designs and produces electric minibuses for urban and intercity public transport, student transport, and bespoke customer needs. About half of its production is exported to Estonia, Lithuania, Germany and Norway, and in 2023 Electrify signed an agreement with a major passenger carrier in the Norwegian and Swedish markets. The company says its minibuses are well suited for narrow streets, on-demand transport and combined passenger/goods delivery, aligning with European emission-free transport initiatives. Electrify plans to use new funding to boost production capacity to meet anticipated demand, particularly in Norway where purchases of minibuses with internal combustion engines will be banned from 2025. Management expects turnover to increase by more than 500% in 2024 and will deploy the capital to provide necessary working capital and scale manufacturing.

Total raised

$2M

Funding rounds

1

Latest round

Equity

Latest activity

Aug 2024