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Mission Motors Revs Up $4.7M Round for Electric Motorcycles

Mission Motors, a San Francisco-based startup working on electric motorcycles and powertrain technology, has raised more than $3.35 million of a planned $4.68 million equity financing round, according to a filing with financial regulators on Thursday.

Mission Motors’ interim CEO Jit Bhattacharya told us in an interview last month that the startup was looking to raise funds to help set up an assembly facility in California. He said the goal was to have the facility up and running for final assembly of a second-gen electric motorcycle model in 2011 (using components sourced from a variety of global suppliers).

In the meantime, Mission is working to get a limited 50-bike run of its high-end Mission One model into customer hands, with deliveries beginning in the second quarter of next year. The company has also begun talks with China-based motorcycle maker Zongshen Power Machinery to collaborate on development of electrical engine systems, and possibly secure investment for the startup. (If you’re into startups developing electric two-wheelers, check out these videos of the Zero Motorcycles electric dirt bike and the Ultra Motor A2B electric bicycle on our new show, Green Overdrive.)

Mission Motors got its start in the Cleantech Open back in 2007 under the name Hum Cycles, and launched publicly at the TED conference in February 2009. It reportedly scored funds early on from the angel investment firm One Earth Capital, and in 2008 secured investment from Finney Capital. The managing director of Finney Capital, Michael Finney, and David Moll of Infield Capital (one of Mission’s main backers) are listed as directors in today’s filing.

Photo courtesy of Mission Motors

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