Savic Motorcycles has raised $2 million in a convertible note amid a changing of the guard at the decade-old Melbourne startup.
Founder Denis Savic has moved to a strategic role, with Marc Alexander, a 25-year veteran of EV systems, autonomous platforms, IoT, consumer and automotive tech taking on the CEO role.
The raise, finalised in mid-December opened in July as the business built and last month opened a China production facility, as well well as making new production team hires both there and in Melbourne. Investors were not named. Previous backers include the Victorian Clean Technology Fund, Artesian Alternative Fund, EnergyLab, and Impact Ventures.
Savic remains a director and says he will collaborate with the team on key initiatives as the full production of the C-Series bike gets underway at the company’s West Melbourne HQ, supported by the powertrain subassembly facility in Taizhou and plans for global expansion, including Europe.
“We’ve built Savic Motorcycles from the ground up, taking a bold idea and turning it into a world-class electric motorcycle company,” he said.
“With new capital, new infrastructure, and global demand growing, this is the right moment for an experienced leader like Marc to take the reins and guide Savic through its next chapter.”
Dennis Savic on the C-Series
Dennis Savic, and automotive engineer, founded the business bearing his name in 2016 to build electric motorcycles. Global demand for EV bikes is expected to double over the next five years to US$109.5 billionby 2030.
New CEO Marc Alexander said that after positive feedback from Australian media who have tested the bike on local soil, the brand is well positioned to place the C-Series on the world-stage.
“I’ve long admired Dennis’ tenacity and drive to bring his vision to life. To now be entrusted to take these foundations and build them into the global brand it will become, is an exceptional opportunity that doesn’t come around often,” he said
“With the deep expertise we have within the business, I’m excited to help motorcyclists worldwide discover and embrace the C-Series, and to help place Australia as a leading nation in this EV technology and rapidly growing industry.”
A Savic C-Series will set you back around $30,000. The company is forcasting $120 million in annual revenue within 5 years, with a confirmed order pipeline for Year 1 of $2.2m, from 150+ deposits and gross margins forecast above 50%.
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