Estonian startup Elmo raises €2.6M to develop remote EV technology

Tallinn-based startup Elmo has raised €2.6 million in a fresh funding round to develop remotely controlled electric vehicle technology. Highgoal Capital Management, FlyCap, Barolo Invest, and SAGGIS provided the funds.

• Elmo, as a company, provides solutions in two fields: short-term car rental and remote EVs. Thus, the company is offering 4G remote-controlled vehicles and environmentally friendly car-sharing in Estonia.
• The short term rental tech allows to deliver cars at the clients doorstep contactlessly and efficiently. This allows to have a large client base with a small fleet of cars and drivers. In the summer of 2022, the company started to drive their cars to the clients remotely. Today, Elmo has over 16 000 clients and 140 cars in its offering.

“It is a great recognition to the current work of our team when experienced investors are willing to contribute to our success in today’s financial climate, and a sign that Elmo’s position is strong in the fast-growing sector of remotely controlled vehicles,”

Enn Laansoo Jr., Elmo’s founder and CEO, comments.

• Highgoal Capital Management, a technology focused investment firm, and FlyCap, a Latvian growth capital fund, provided the funding. Along with Estonian capital based investors Barolo Invest and SAGGIS.
• Using the funds, the company plans to speed up the licensing of its remote control technology in foreign markets as well as expand the team size.