Horizon to Fuel Indonesia's EV Alva with $50M

Got your helmet ready? Let's hop on for a ride with Ilectra Motor Group, the manufacturer behind the electrifying Alva brand. They've recently secured up a whopping $50 million in a Series B funding round.

And who's leading this thrill ride, you ask? None other than Horizon Ventures with Foxconn Co-GP Fund. These funds are set to become the nitrous oxide to their Indonesian network expansion and Alva product development. 🚀

Let's hit the brakes and check out the pit stop details! 🛑🔧

• Funding amount: A cool US$50 million.

• Lead investors: Horizon Ventures

• Other investors: Brama One Ventures (BOV) and Foxconn Co-GP Fund

• Stage: Series B

Ilectra Motor Group, established in 2022, focuses on providing lifestyle mobility solutions, specifically focused on electric two-wheelers. ⚡️

Under the Alva brand, they've rolled out two electric motorcycle models so far, all manufactured in their Cikarang, West Java facility, which can churn out 100,000 units per year. They've also got two experience centers staged in Jakarta and Bali to ensure customer satisfaction.