The Company raises $10 million in its Series A round to accelerate production of its first, shapeshifting microcar, the CT-1
City Transformer to accelerate production of its first, shape-shifting electric microcar, the CT-1
The company raises $10 million in its Series A round, and $20 million in total
Financing led by Lubinski Group, international vehicle importer from Israel
City Transformer to present its disruptive technology and meet investors at the Electric Vehicle Innovation Summit (EVIS), 23-25 May, Abu Dhabi at stand 1025
For a limited quantity, Individuals can pre-order the CT-1 for €150 deposit
City Transformer, EV tech disruptors from Israel, is accelerating along the road to mass production of its first foldable microcar, the CT-1, following completion of its Series A financing.
The Tel Aviv-based startup is developing EV technologies and shared mobility services that will reinvent freedom of mobility for those who live or work in our cities. The CT-1 is a two-seat, four-wheel electric microcar that can significantly reduce our individual traffic and carbon footprint by transforming its wheelbase to outmaneuver traffic and park in tight spaces like a motorcycle.
The $10 million raised will help City Transformer ramp up its market release plans for the CT-1, with serial production starting in 2024, with a rapidly-expanding prospect pipeline in Europe (as a first market), North America and Israel.
The financing round was led by Lubinski Group, one of the oldest and largest car importers in Israel, with 160 service and repair shops in Germany and automotive sales operations in France and Eastern Europe. Additional investors include private investors and multi-national companies from transportation and real estate sectors.
Lubinski Group CEO Dani Shavit commented: “We are excited about what City Transformer is doing to revolutionize the way we move in cities. The urban transportation model is ripe for disruption and desperately needs some fresh ideas to take us into a new era of clean air and sustainable movement. This is going to be a fun ride with the City Transformer team and we’re delighted to be one of their first backers.”
Dr. Asaf Formoza, CEO and founder of City Transformer, added: “Major cities around the globe suffer from crippling congestion, having a profoundly negative effect on the wellbeing of people. By combining Israeli innovation and German engineering, we aim to be part of the movement to change the way we move within urban areas. In this round of funding gives we establish a solid foundation upon which to accelerate mass production of the CT-1 and expand operations in Israel and Europe. I wish to thank all of our investors for their trust and belief in what we are doing.”
Dr. Asaf Formoza and the City Transformer team will be in Abu Dhabi this week at the Electric Vehicle Innovation Summit (EVIS, 23-25 May), presenting their disruptive, shape-shifting technology to e prospects, investors and ecosystem partners. Any party wishing to meet the team during the event should email info@citytransformer.com.
City Transformer is also offering the CT-1 for pre-order by individuals for a limited time and quantity for a fully refundable €150 deposit via the website: www.citytransformer.com.