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Founders Fundraising: ZPARQ

As part of our Founders Fundraising series, we spoke to marine electric propulsion company ZPARQ, on their latest funding success and their advice for fellow entrepreneurs who are raising.

How much did you raise in your latest funding round?

In our latest funding round, we successfully secured a substantial amount, totalling €2.5M. This funding injection represents a significant milestone for our startup, providing the necessary financial support to fuel our growth and innovation.

How long did it take you to raise the round?

The fundraising process was more protracted than initially anticipated, spanning approximately one and a half years from the inception of the round to the actual infusion of cash into our accounts. Despite having investors on board, the finalisation of contractual agreements consumed more time than expected, contributing to the extended timeline.

How many investors did you approach during the process?

Throughout our fundraising journey, we diligently approached a considerable number of investors, engaging with approximately 75 venture capitalists (VC) and corporate venture capitalists (CVC).

Who ultimately invested in the round?

Our latest funding round saw investments from key players in the financial landscape. Notable contributors include Almi Greentech, Santander Asset Management, and KIC Inno Energy. These investors not only provided crucial financial backing but also brought strategic value, aligning with our mission and objectives.

What were the biggest hurdles in raising the round?

Several challenges presented themselves during the fundraising process. One major obstacle was the overall timing, as we initiated the round during a period that proved less favourable for securing investments. Moreover, we recognised the inherent complexities associated with early-stage funding for hardware innovation, given the perceived risks and the extended go-to-market timelines associated with hardware products.

Any advice to founders raising a round in this space?

For fellow founders navigating the fundraising landscape in a similar space, we offer two key pieces of advice. Firstly, patience is paramount. Fundraising is a time-consuming process, and maintaining endurance is crucial. Secondly, keeping a low burn rate is advisable to ensure sustainability throughout the extended duration of the fundraising journey. Momentum is key, so don't lose sight of your goals.

Are you planning to raise again in 2024?

While we don't anticipate another fundraising round in 2024, we recognise the future capital needs of our venture. Our strategic planning points toward a potential fundraising initiative in 2025, aligning with our long-term vision and growth objectives. This foresight enables us to prepare and position ourselves strategically for future financial endeavours.


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