Lowercarbon Capital, a venture capital firm established by early investor Chris Sacca in Twitter, Uber, and Instagram, led the $11 million series A fundraising round for River, an electric vehicle manufacturer with operations in India.
The participation of Toyota Ventures, Toyota’s venture capital arm, brought River’s total financing garnered to date to US $13 million.
River focuses on performance and elegance while designing and producing electric two-wheelers. Aravind Mani, a former CEO of many petrochemical firms, and Vipin George, a former automotive designer for Honda, formed the business in late 2020. Both have a prior work history with the EV company Ultraviolette Automotive.
Two investors with an emphasis on mobility—Israel-based Maniv Mobility and San Francisco-based Trucks VC—gave River $2 million in early finance in March of last year. The Bangalore-based company has 100 engineers working on its research and development team right now, and it has created multiple prototypes that are being tested.
The additional funds will be used by River for manufacturing, recruiting, and research & development.
