Electro Ventures raises $22m

Perth tech group Electro Ventures has completed a $22 million capital raising while also closing its investment in a local firm that converts classic cars to electric.

Most of the new capital has come from US-based The INBE Group, which stands for The Investment Network By Entrepreneurs.

It will provide $20 million via the issue of convertible notes that will be paid in tranches over the next few months and convert to equity within two years.

The balance of the new capital will come from local investors, in a mix of equity and debt.

Electro Ventures founder Joshua Portlock said the local contribution was enough to secure the $20 million committed by INBE, which is run by partners over the world who have successfully exited companies they've founded and re-invested into the fund.

“I would have liked to have seen more local investment commitment so we could have retained more Australian and especially Western Australian ownership,” Mr Portlock said.

“We hope that our success in attracting $20 million from a US fund, through their South Australian-based partner Kerry Esson, shows the people of WA that sustainable innovation investing is a growing opportunity that they should be participating in.”

To support clean-tech start-ups locally, Electro Ventures has recently donated $10,000 to the Hub on SX to help fund the work done by founder Charlie Guilloteau and his team.

Electro Ventures has also made three new investments recently, including a rescue of ebike startup Tiller Rides, as reported by Business News last month.

It has also invested in Unique EVs, which specialises in converting classic cars, like VW Kombis, Range Rovers, and Porches, to electric engines.

“They bring new life to these beautiful, timeless cars that usually have well-built bodies, but often failing and highly polluting leaded-fuel engines,” Mr Portlock said.

“By converting these classic cars to electric, Unique EVs are helping contribute to the circular economy with upcycling prior to recycling.

The conversion not only reduces emissions, it improves acceleration and reliability and reduces running costs.

Mr Portlock said company founder and managing director Cameron Gardiner and his team have the capability to also convert commercial vehicles, such as garbage trucks and delivery vehicles.

In keeping with this strategy to broaden the company’s activities, its name has been changed to ElectroTrek, while still retaining the Unique EVs trading name for the classic car conversions.