Integral investment in Econic One
24 June 2022
Integral Venture Partners (Integral), an investment firm, announced that it has entered into a definitive agreement for an investment in Econic One, an innovative technology company focused on the design and manufacturing of smart electric bicycles. Integral’s investment is structured to come in two phases: in the first phase (already executed in the second quarter of 2022), Integral is leading an investment round in the company which includes also other local institutional and private investors; and in the second phase (expected in the next twelve to eighteen months), Integral has the option to anchor a further bigger investment round expected to attract new investors with international profile. Over these two phases, Integral is expected to emerge as one of the largest institutional shareholders in the company alongside the founders and Co-CEOs.
Integral manages institutional private equity and growth capital and is focused on investments in the countries of central and south-eastern Europe. Integral’s fund is backed by leading international institutional investors including the EIF, the EBRD, and the IFC. Integral covers its pan-regional target market out of hubs in London, Budapest, and Belgrade.
Econic One, founded in 2014 with dual headquarters in Varna (Bulgaria) and Denver (USA), is an emerging leader in the design and production of smart (connected) electric bicycles sold internationally: directly to end customers via the company’s online retail portal or via a rapidly growing international network of specialized bicycle retailers. As part of its product portfolio, Econic One also offers a proprietary subscription-based smart-bike application for consumers and fleet management software platform for business customers.
Supported by new capital and by Integral as a new lead international institutional investor, Econic One will aim to focus in its next phase on: expanding its sales network and accelerating its sales growth (benefiting from favorable electric mobility industry trends), next generation bicycle and software product development, and augmenting its senior team with select industry expert hires, among other strategic priorities.
The terms of the investment were not disclosed.