NTEA, the Association for the Work Truck Industry issued the following announcement on Nov. 2.
SEA Electric (Los Angeles, California) closed $20M of a $30M Series A round. The financing was led by San Francisco, California-headquartered, boutique investment bank, GCA Global.
Participants in this round included various strategic, financial and hybrid investors with Invictus Advisory Group (IAG) securing the first $20M investment.
IAG is an investment advisory and consulting firm with direct access to major sources of financing and investment from Fortune 500 companies and the United States Federal government. IAG was founded by Kevin Smith in 2013 and recently launched a $750M mobility and electrification fund focused on investing across the electric vehicle lifecycle from batteries to vehicle production and aftersales services.
"I look forward to lending my expertise to the SEA Electric team as we search for novel ways to increase company value. It has been a pleasure getting to know the team and I am excited to be a part of our next stage of growth,” said Kevin Smith, Managing Partner, IAG.
“SEA Electric is continuing to develop, enhance and deploy its electric SEA-Drive® technology in collaboration with glider chassis suppliers across a range of van and truck-platforms in all major global markets,” said SEA Electric Founder and President, Tony Fairweather.
"Having IAG’s investment support and Kevin Smith join our Board, will both expedite scale and provide invaluable segment and market experience,” added Tony.
A further independent Board position will soon be announced.
The investment announcement is SEA Electric’s first in 2020.
For more information, visit sea-electric.com.
NTEA Member Directory listing for Sea Electric
Original source: https://www.ntea.com/NTEA/Member_benefits/Industry_leading_news/Membernews/SEA-Electric-announces-IAG-Investment.aspx
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