After delivering its first vehicles, Arcimoto wants to expand. How far can it go?
Fundraising has always been a challenge for Arcimoto. It was founded in 2007, right before the Great Recession.
“It was hard to raise venture capital for anything, let alone a vehicle company,” Frohnmayer says.
Arcimoto went through financial strife in the beginning. Many times, Frohnmayer says, the company was “out of juice” and had to lay off employees. And for many years, he says, Arcimoto depended on angel investors — friends and family.
“It’s the classic startup story,” he says. “Had to make new friends, and family stopped answering phone calls.”
Things started to look up in 2015 when Bill Hambrecht, a venture capitalist and president of WR Hambrecht + Co., began investing in Arcimoto.