Mission Motors Raises $3.36 Million Round

06/15/2010 @ 6:06 am, by Jensen Beeler6 COMMENTS

Mission Motors Raises $3.36 Million Round Mission Motors Infineon Raceway test 560x373

Mission Motors has submitted an SEC Form D filing that shows that the San Francisco based company has raised $3.36 million in a $4.67 million investment round. While Mission Motors won’t comment on the SEC filing, the use of the funds is presumably to go towards bringing production of the Mission One and subsequent Mission motorcycles into reality, as the Mission Motors team gears up to bring its creations to market and establish a production facility.

It would be interesting to see who entered funding on this round of investment, but without confirmation from Mission Motors we can only guess at what new and old investors entered the round, as that’s private information.

We do have some clues though, as on the SEC filing Mission lists current interim-CEO Jit Bhattacharya, founder Edward West, are listed not only as executives to the company but also as directors. This change in the paperwork is likely due to the change in management Mission Motors underwent back in February.

Joining them on the board is the managing director of Finney Capital, Michael Finney, and C. David Moll of Infield Capital. Both investment groups list Mission Motors as being in their investment portfolio. What other investors are out there? We’re not quite sure, more info on that as we get it.

Regardless of whom may be supplying the money, the cash injection is sure to mean that Mission Motors will be able to meet its goal to begin delivery on its Mission One street bike in early 2011, and is expected to debut designs for its next bike later this year.

Source: SEC via Brammofan

Comment:

  1. Mission Motors Raises $3.36 Million Round – http://aspha.lt/131 #motorcycle

  2. Brammofan says:

    Thanks for the linkylove RT @Asphalt_Rubber: Mission Motors Raises $3.36 Million Round – http://aspha.lt/131 #motorcycle

  3. skadamo says:

    RT @Asphalt_Rubber: Mission Motors Raises $3.36 Million Round – http://aspha.lt/131 #motorcycle

  4. Josh says:

    Sounds like a pretty good round! For those of us who didn’t go to B-school, what does it mean “raised $3.36 million in a $4.67 million investment round.” Were they hoping to raise another $1.31 million but failed to do so?

    Also was this an initial round, round b etc? Down round? Inside round?

  5. Exactly, they were looking to raise $4.67 million in funds, but only got $3.36 million. Mission wouldn’t give me any info on this, so I’m not sure what they’re calling it.

    To me, this is a Series B round since it goes presumably to a noticeably different milestone on their goal sheet (going into production).

  6. BikePilot says:

    Interesting. Was the $3.36M from the same financiers as during series A? Any info on the price relative to the previous round (i.e. is this a down-round?).