# Modvion

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/modvion

- Industry: Renewable Energy
- Headquarters: Gothenburg, Sweden
- Website: www.modvion.com
- Total disclosed funding: $12M
- Latest round: Series A (Feb 6, 2023)
- Investors on record: 5

## About

Founded in 2015 and based in Gothenburg, Sweden, Modvion develops wind turbines from laminated wood product materials. In 2020, the company received funding from the European Union’s Horizon 2020 research and innovation program. In February 2023, Modvion raised SEK 125 million in series A funding from new investors Almi Invest GreenTech, Course Corrected, and SymbiaVC, with participation from returning investors EIC Fund and Vestas Ventures. Other investors also participated in the round.

The company manufactures wooden materials for building towers. Its service covers manufacturing, assembly, post-assembly, and decommissioning. There are three projects under the hand of the company -- VKV Björkö, which is a prototype tower on Björkö, erected in 2020, Wind of Change, a wind and solar power tower still in progress as of June 2023, and Sky High, a new project still under designing process.

The company will use the funding raised in 2023 to build its new wind turbine with 2 megawatts.

## Funding rounds

- Series A, Feb 6, 2023, $12M — European Innovation Council, Course Corrected, Vestas Ventures, Almi Invest, SymbiaVC

## Investors

- European Innovation Council (https://capitalatlas.ai/funds/european-innovation-council) — Series A
- Course Corrected (https://capitalatlas.ai/funds/course-corrected) — Series A
- Vestas Ventures — Series A
- Almi Invest — Series A
- SymbiaVC (https://capitalatlas.ai/funds/symbiavc) — Series A