Brammo announced today that it has raised another $13 million, in a Series C funding round that was lead by Polaris Industries. Hoping to secure a total of $45 million over the course of the entire round of funding, the investment by Polaris is the second one that American company has made into the Ashland-based electric motorcycle company.
Polaris first invested in Brammo back in October, as the Minnesota-based company was rumored to be taking a close look at a number of electric motorcycle firms for a strategic partnership. Ultimately settling on Brammo, Polaris was a part of the Oregonian company’s $28 million Series B funding round, and is said to have lead this current Series C tranche.
“This $13 million round of financing puts Brammo on strong footing to continue to execute, deliver and expand distribution of our electric motorcycles to our customer pipeline,” said Craig Bramscher, CEO of Brammo. “This funding will ensure we continue to accelerate production to capitalize on the growing demand for electric motorcycles.”
The use of the funds is likely to go towards bringing to market the many models that Brammo has debuted, but failed to bring to dealership floors — including its line of electric dirt bikes. Expected to be out in June 2012, the Brammo Empulse R is a bit late in coming to market, though the company still has a couple more months to back good on its “Q3 2012” timeline for mass delivery.
Source: Brammo
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