French startup Angell has signed a wide-ranging partnership with SEB, the French industrial company behind All-Clad, Krups, Moulinex, Rowenta, Tefal and others. As part of the deal, SEB will manufacture Angell’s electric bikes in a factory in Is-sur-Tille near Dijon, France.
SEB’s investment arm, SEB Alliance, is also investing in Angell. The terms of the deal are undisclosed, but Angell says it plans to raise between $7.6 and $21.7 million (between €7 and €20 million) with a group of investors that include SEB.
“We originally planned to manufacture 1,500 bikes in 2020,” Angell founder Marc Simoncini told me. “We realized that we were selling more bikes than expected. We now expect to sell 10,000 bikes.”
Angell has accepted 2,000 pre-orders over the past six months — 75% in France and 25% from the rest of the world. But pre-orders accelerated drastically with the lockdown in France. During the month of May, Angell expects to sell three times more bikes than during an average ..
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