Listen to this short video where CityQ talks about their experience working with NovAzure!
About CityQ
In the rapidly evolving landscape of urban mobility, innovative solutions are needed to address the growing concerns around reducing traffic congestion and decarbonising urban transport. CityQ has developed a weather-protected electric vehicle platform that has been downsized to a four-wheeled ebike, designed to revolutionise efficient and sustainable urban mobility and delivery for numerous B2B as well as B2C mobility applications. However, turning such groundbreaking ideas into reality requires more than just innovation; it demands robust long term support in terms of funding, strategic advice, business development and implementation. This is where NovAzure came in early to support CityQ on its journey.
Challenges and Strategic Vision
CityQ’s journey began with a clear vision but faced a common challenge for especially hardware driven Startups of securing sufficient funding across multiple rounds to launch their new vehicle platform. Their requirements spanned across strategic and funding advice, business development activities in different markets, and the establishment of strategic partnerships and customer relationships. In essence, CityQ was in search of a partner that could provide not just financial support or strategic guidance but also get their hands dirty through implementation to help CityQ to navigate the complex terrain of bringing an innovative and sustainable urban mobility solution to market.
NovAzure Value Creation and Impact
The collaboration between CityQ and Novazure started with an initial vetting process during early COVID times, following an initial cash investment made by NovAzure. Recognizing the potential of CityQ’s innovative solution, NovAzure also agreed on a sweat equity deal, dedicating its own resources to support CityQ’s funding and business development activities across the UK and Europe. This comprehensive support included a full assessment of CityQ’s pitch strategy, leading to the pivoting of their pitch and funding strategy, and the continuous improvement of a compelling pitch deck with which NovAzure engaged a number of investors on CityQ’s behalf. Furthermore, NovAzure spearheaded a crowdfunding campaign on CrowdCube, alongside engaging additional business angels, marking a significant stride towards securing initial bridge funding.
The partnership between CityQ and NovAzure has yielded great results, successfully securing bridge funding for CityQ through crowdfunding and engagement with business angels and other investors during the early days. Now the support continues to help CityQ to reach their funding target for Series A.
From a business development angle NovAzure not only gave sound advice but got involved in market implementation activities, playing a supporting role to the CTO and CityQ’s chairman who were leading the setup activities in Germany. Through various joint efforts with an incredible network of passionate supporters, a professional team at CityQ and partners – Nuremberg in Germany has not only become the center for R&D but also has started production in late 2023.
Eventually NovAzure has been able to establish CityQ Ltd in the UK to not only enhance CityQ’s business presence in Europe but also position the company for greater operational flexibility and market reach.
