Irish e-Bike brand, Modmo, has announced that it has raised a €1M seed-round to accelerate localised low-emission manufacturing in Vietnam.
The brand was founded by 24-year-old Jack O’Sullivan who relocated to Vietnam with the goal of building a world-class supply chain, supporting green initiatives.
Jack O’Sullivan, CEO, said: “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.”
Modmo has so far secured over 1,000 pre-orders for its flagship product, the Saigon+ which offers premium features such as Bluetooth, 4G GPS tracking, 200km range, a digital handlebar, bright LED lights and more, at an entry level price of €1599.
By producing locally and taking advantage of the EU-Vietnam free trade agreement, Modmo is able 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 travellers. Additionally, by manufacturing locally, the brand has also reduced dependency on large Taiwanese and Chinese bike component manufacturers which suffered from material shortages and increased prices since the COVID outbreak.
O’Sullivan said: “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.”
More information can be found on the Modmo website here.