Hong Kong-based Beyond Ventures has partnered with Brizan Investments to jointly invest $10 million into ePropulsion Innovation, a provider of electric propulsion kits, according to the fund’s announcement.
Founded by four entrepreneurs at Hong Kong University of Science and Technology (HKUST), ePropulsion makes environment-friendly electric propulsion kits for water sports enthusiasts. It already sells in more than 30 markets in Europe, the US, Australia and Asia.
Hong Kong-based ePropulsion is a provider of sustainable marine products such as electric outboard motors, water sports equipment and underwater drones with office and factory premises in Hong Kong, Shenzhen and Dongguan.
ePropulsion CEO Danny Tao said: “Visuals and data captured by our newly-launched underwater drone will transform the world’s understanding of our oceans, while delivering insights into issues such as fish populations, acidification and climate change.”
“We believe the capital and expertise provided by Beyond Ventures and Brizan Investments will help ePropulsion expand and become a truly global brand,” Beyond Ventures Co-Founder and Managing Partner Lap Man said.
Beyond Ventures is a new venture capital fund backed by China’s Hony Capital which manages more than US$10 billion in assets. It is the only venture capital fund focusing solely on Hong Kong, aims to help star-ups grow and extend their business networks throughout and beyond Hong Kong.