Japan’s EV startup GLM secures $14.3 million funding in series B round



Bloomberg reported earlier today that Kyoto-based GLM, the Japanese startup focused on developing electric sports cars, has secured 1.7 billion yen (about $14 million) in series B round from 24 sources including VC firms and corporations in Japan as well as the rest of the world. The company will use the funds to enhance after-sales support in addition to expanding sales in Europe and Middle East, not to mention in Asia.

Investors participating in this round include Saudi Arabian government-backed fund Riyadh Valley Company and Taiwanese government-backed Golden Asia Fund Ventures, plus the University of Tokyo Edge Capital. This follows the series A round in 2013 when the startup fundraised 410 million yen (about $3.5 million) from Globis Capital Partners and other VC firms.

GLM was launched as part of incubation efforts by Kyoto University, hired former engineers from Toyota and Nissan Motors to develop a series of cool designed electric vehicles. Tommy Kaira ZZ, the company’s flagship lightweight sports car, was launched as a limited number edition with a sales cap of 99 orders in August last year, while the company has secured 180 pre-orders for the vehicle’s next shipping schedule.

Edited by “Tex” Pomeroy