ebike Startup MODMO Raises EUR1M Seed-Round for Low-Emission Manufacturing
MODMO was founded by 24-year-old company CEO Jack O'Sullivan who relocated to Vietnam with the goal of building a world-class supply chain, supporting green initiatives.
HO CHI MINH CITY, VIETNAM, April 19, 2021 /24-7PressRelease/ -- MODMO, producers of high-tech electric bikes, has raised a EUR1M seed-round to accelerate localized low-emission manufacturing in Vietnam. MODMO was founded by 24-year-old company CEO Jack O'Sullivan who relocated to Vietnam with the goal of building a world-class supply chain, supporting green initiatives. The Irish startup is comprised of 75% engineers who manage ebike production from raw materials to finished product.
"We successfully brought our first bike from concept to delivery in less than 1-year and we're now scaling up production to fulfil our pre-orders. We've massively grown the production team this year to bring more production to Vietnam." - Jack O'Sullivan, CEO, MODMO
With over 1,000 pre-orders for its flagship product, the Saigon+, MODMO has been offering premium ebike features such as Bluetooth and 4G GPS tracking, an up to 200km range from its custom removable battery, a smart digital handlebar displaying speed, distance, trip and battery level, bright LED lights integrated at the front, the rear, within the proprietary handlebar ends and seatpost for night ride safety and a range of snap-on modular accessories, at an entry level price of EUR1599.
By producing locally and taking advantage of the EU-Vietnam free trade agreement, MODMO can tightly control suppliers to ensure quality while keeping prices affordable. MODMO has also been largely sheltered from the COVID outbreak as Vietnam was quick to close their boarders to travelers for over a year now. And, by manufacturing our own components, we have also reduced dependency on large Taiwanese and Chinese bike component manufacturers which suffered from material shortages and increased prices since the COVID outbreak in March 2020.
"Although our initial production output has been slower, we began shipping our bikes in February of 2021, and now enjoy full control over the production of many of our components. And, by bringing production within 50km from our R&D headquarters, we've been able to innovate quickly while also massively reducing the carbon footprint of each bike by decreasing transport." - Jack O'Sullivan, CEO, MODMO
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