Automaker Porsche has acquired German e-bike start-up Fazua to ramp up its investments in the e-bike space.
After acquiring a 20% stake in the start-up earlier this year, the automotive company has now bought the company outright.
It marks another step for Porsche into the e-bike space having acquired a majority stake late last year in Croatian bikemaker Greyp, which was founded by Mate Rimac, the man behind electric car firm Rimac.
Munich-based Fazua was founded in 2013 and develops drive systems for e-bikes. It has raised over $27 million from investors including High-Tech Grunderfonds and has received funding from the European Investment Bank.
“In Fazua, we have found a strong partner with a great deal of experience in the bicycle industry,” Lutz Meschke, deputy chairman of the executive board of Porsche, said.
“Fazua is known among experts as the founder of the ‘light e-bikes’ category – and it’s a highly innovative company that fits perfectly with the pioneering spirit of the Porsche brand.”
Porsche has a number of other tie-ups with e-bike partners. It added in its announcement that it will be establishing two new joint ventures with Dutch sustainability investment firm Ponooc Investments focused on e-bikes, including manufacturing, distribution and “technological solutions” for micromobility.
However Porsche is not alone among carmakers betting on e-bikes. Peugeot, SEAT and GM have all ventured into the e-bike space either directly or through partnerships with or investments in start-ups.
E-bike start-ups, whether manufacturers or rental and subscription services, have been attracting a great deal of venture capital in the last year.
Most recently Germany’s GetHenry secured $17.4 million in a seed round.