Damon continues to bring in investors

PHOTO CREDIT: Damon/Facebook

Canadian electric motorcycle startup Damon says it’s planning to start production this year, and it’s continuing to bring in investment funds.

On March 15, 2021, a press release on Street Insider said “Damon recently raised USD$30 million after completing a bridge financing round led by SOL Global, Benevolent Capital Partners, LLC, Zirmania Investments Limited, and other investors.” This is on top of other fundraising the BC-based startup has carried out, including a $2.5-million investment into its safety tech, and strong pre-order sales.

So what has Damon been doing in the past year, since its bikes debuted at the CES show in Las Vegas? Obviously, the COVID-19 pandemic interrupted business plans. Damon’s Facebook page says it’s been improving the Hypersport design with improved bodywork⁠, a more powerful motor⁠, a higher voltage battery configuration⁠, new handlebar controls⁠, and a new 7-inch recessed LCD display⁠.

However, the company hasn’t actually built any bikes for customers yet. Again, as per Facebook: “We begin production this year, and we’ve got A LOT of bikes to build. 💪 Thank you for all of your support!⁠⁠ If you haven’t placed a reservation yet, make sure you do it soon as our order book for 2022 is almost full.

Damon is offering a subscription plan to its Hypersport, starting at $199 a month. Presumably, that’s in USD, as all the bike’s listed on Damon’s website home page are priced in USD. The SE model has a $16,995 MSRP, the SX has a $19,995 MSRP, the HS has a $24,995 MSRP, and the Premier has a $39,995 MSRP. Their respective subscription prices are $199, $286, $331, and $530 a month—again, all in USD.

For a breakdown on the differences between all Damon’s machines, check out its website.

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