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Evoy raises €6.4M in funding round led by Axopar

The funding round positions Evoy at the forefront of the rapidly growing electric boating market, expected to reach significant proportions by 2030.

As a leading provider of high-performance electric motor systems for boats, Evoy have successfully concluded a strategic bridge round, raising €6.4 million. This significant investment will accelerate Evoy and further establishes the company as the go-to brand worldwide for high-performance electric boating, not only in Europe but also towards North America.

Axopar – the largest boatbuilder in the Nordics – joins Evoy, bringing substantial capital to a 10 % ownership, an extensive dealership network, expert boating knowledge, and significant orders, firstly over €1m euros to be delivered in 2023.

The funding round also saw strong participation from current shareholders, including notable investors such as Katapult Ocean, Klaveness Marine, and Grieg Edge, who strengthened their commitment and position with their investments. The EIC Fund, serving as a cornerstone investor, also continued its significant support with an €1m Euro equity investment.

Furthermore, the round gained support from renowned entrepreneurs including Jakob Hatteland (Autostore), Johan Brand (Kahoot) and Martin Anderlind (Northvolt).

Commenting on the round, Leif A. Stavøstrand, Co-founder & CEO of Evoy said, "It is truly inspiring to see the strong support and passion from old and new investors. We are thrilled to welcome Axopar as a strategic investor, bringing not only significant investments, but also a great network and validation of Evoy. Their partnership marks an important milestone for Evoy, opening doors into the North American market. Additionally, we are honoured by Katapult's large third-time investment, as it reflects their continued confidence in our mission and potential. This funding round opens a new chapter in our journey to make boating irresistible, eliminating emissions, and building a strong global brand."

Jan-Erik Viitala, Axopar’s founding partner and Creative & Innovation Director commented, "On the journey towards electrification and more sustainable boating, Evoy has proven to be a perfect match for Axopar. Our mission together is to inspire and catalyze a broader movement towards sustainable boating, encouraging other boat manufacturers to invest in electric boating as well, with development into full scale serial production. Axopar will work closely with Evoy with their future development to ensure straightforward, easy to install and streamlined turn key solutions offered from Evoy.“

Ross Brooks, Investment Director, Katapult Ocean adds ”We are very excited to continue to support Evoy on their next phase of growth. With strong support from the existing shareholder base this strategic share emission brings on board a leading boat builder and brand, expanding Evoy’s reach far beyond the Nordics and across the Atlantic. Evoy’s journey so far has been a case study in disruptive innovation and demonstrates the power of a mission driven founder in creating change. We are just getting started!”

The funding round positions Evoy at the forefront of the rapidly growing electric boating market, expected to reach significant proportions by 2030. Moreover, with an increasing number of lakes banning the use of fossil fuels, the Evoy sustainable electric boating solutions are poised to meet the evolving needs of environmentally conscious boaters.


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