This one is for Miles Electric Vehicles Inc., a Santa Monica, Calif.-based company that is in the midst of raising $40 million in Series B funding. So far it has secured around $13 million from backers like Angeleno Group, which previously led a $15 million Series A round.
Angeleno managing partner Daniel Weiss confirmed the funding numbers, and argued Miles is “less capital intensive than a number of other folks in the space.” Specifically, he cites that the company outsources much of its manufacturing to China, and that it’s already proved fulfillment for the fleet market (the consumer market comes next).
I also asked Weiss about how Miles’ prospects are affected by Americans buying fewer new cars than in any other time in the past 25 years. His response: “The big difference between an emerging manufacturer and a large incumbent that has massive ongoing capital commitments is that we don’t need to sell 15 million cars to have a profitable, successful company. I don’t think that any business selling consumer products in this environment is immune, but I think the opportunity for Miles is still very compelling, even with the adjustment in oil prices.”
He declined to talk future funding requirements or possible exit opportunities (which I see as the elephant). Miles CEO Kevin Czinger was unavailable for comment, because he was on the campaign trail for someone in Connecticut.