folofly Co., Ltd. (President: Hiroyasu Koma, Headquarters: Kyoto City, Kyoto Prefecture), an EV manufacturer, announced the completion of a ¥1.11 billion Series A funding round through a third-party allotment of shares to trading companies, logistics firms, infrastructure companies, banks, and venture capital firms.
As an infrastructure technology company, folofly will utilize the funds raised to expand services for companies adopting its vehicles and develop new vehicles and IT systems to address increasing mobility needs.
Funding Overview:
- Total Raised: ¥1,108,991,000
- Method: Third-party share allotment
- Investors (Alphabetical Order):
- SBS Holdings, Inc.
- ENEOS Holdings (ENEOS Innovation Partners LLC)
- Osaka Gas Co., Ltd.
- Kansai Electric Power Co., Inc. (K4 Ventures LLC)
- Kyoto Bank (Bright Future Support Fund No. 3 for SDGs)
- Shiga Bank
- Japan Venture Capital Co., Ltd. (Kyoto University Venture NVCC Fund II Investment Partnership)
- Marubeni Corporation
- Use of Funds:
- Expanding services for vehicle-adopting companies
- New vehicle development
- Development of vehicle management systems
- Development of IT infrastructure systems
Future Prospects:
Since October 2021, when folofly obtained its first license plate for a domestically fabless-produced EV truck, the company has steadily accumulated orders and sales. As of November 2022, folofly has delivered vehicles to a wide range of customers across Japan, from Hokkaido to Okinawa.
With this funding, folofly will continue to develop vehicles tailored to the Japanese market, expand sales volumes, and provide decarbonization solutions encompassing vehicle operations management.
Company History:
- August 2021: folofly Co., Ltd. established at Kyoto University International Science Innovation Building
- October 2021: First license plate obtained for a 1-ton class delivery EV with fabless production in Japan
- October 2021: Sales of EV F1 VAN commence
- October 2021: SBS Holdings announces plans to adopt 10,000 folofly vehicles
- November 2021: Joint development of battery exchange systems with JEE
- June 2022: Announcement of the flatbed EV F1 TRUCK
- July 2022: EV F1 VAN certified for Green Advanced Truck and Bus Introduction Subsidy Program
- September 2022: EV F1 VAN becomes the first 1-ton cargo EV in Japan to obtain a green license plate and begins operations
- September 2022: EV F1 VAN becomes eligible for subsidy programs
- January 2023: Completion of Series A funding
Company Overview:
- Company Name: folofly Co., Ltd.
- Established: August 3, 2021
- Representative: Hiroyasu Koma, President
- Capital: ¥1,108,991,000 (including capital reserves, pending registration)
- Headquarters: Kyoto University International Science Innovation Building, 36-1 Yoshida Honmachi, Sakyo Ward, Kyoto City
- Business: Development and sales of electric vehicles and provision of eco-friendly infrastructure services