Kurzeme Business Incubator invests in company making chargers

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Kurzeme Business Incubator (KBI) has reached agreement on private equity investment in the startup SIA eHarv, which makes mobile phone chargers for cyclists, portal reports. 

Therefore eHarv has become the first startup in which Kurzeme Business Incubator has become an investor and a partner. The team is comprised of the Riga Technical University students developing a mobile phone charging device meant for cyclists. The device is powered by a hub dynamo.

Once the charging device hits the shelves, it will cost an estimated EUR 50. The device could also be built into bicycles. At the moment, the company’s prototype is being tested by SIXT, the largest car and bicycle rental company in the Baltics. Talks are also under way with the German bicycle maker and bike-sharing systems operator Nextbike.

By investing in eHarv, KBI has entered into a partnership with eHarv – it will provide financial assistance for development of the third-generation products and launch of the first round of production, as well as share its know-how in finding cooperation partners in Europe.

This past March, KBI commenced project “Investment in Business Idea Development”, and is currently in talks with another three Kurzeme province startups on investing private equity in their development. These include a company making wooden toys for children, producer of medical equipment for those suffering from back pains, and special a company making ponchos for surfers and other outdoor recreation fans. A total of 29 companies applied. During this project, KBI is planning to invest EUR 7,000 in development of new business ideas.

Kurzeme Business Incubator’s head Intars Zēns says: “It is not unusual for young businessmen to lack some essential feature needed for implementation of their promising ideas and making them a successful business – quite often the first step requires a financial push or knowledge of how to market a given product. KBI is ready to share its experience and know-how, not only through consulting, but also by forming partnerships to help projects develop, including by investing in these projects.”