Arlington, Virginia — On Friday, Torev Motors closed an oversubscribed venture-backed pre-seed fundraising round with climate-focused venture capital firm BetterWay as the lead investor. Torev has gathered leaders in climate and sustainability investing, with other VC participants in the round including EcoSphere Ventures, Climate Avengers, and Intbox Ventures. Torev has now raised over $1 million in funding for its next generation electric motor.
Torev Motors, based in Arlington, Virginia, makes next generation electric motors for the mobility market, using a patented, first-of-its kind double axial flux motor which reduces the use of rare earth metals and improves vehicle efficiency and performance.
BetterWay is a Charleston, South Carolina-based venture capital firm specializing in investments into promising startups in the green tech and sustainability space, seeking highly innovative solutions that reduce humanity’s footprint on the planet.
Founder and CEO of Torev, Rory Brogan, commented, “This is a major milestone for Torev and we are so grateful to all who have done so much to support the company. This funding round, led by BetterWay, will dramatically accelerate our product development and team growth as we bring this revolutionary technology to market.”
Anthony Del Porto, General Partner at BetterWay, said “Very glad to have had the chance to lead the round for a company with such promising technology. We believe in the electrification of everything and Torev is going to be a big part of that.”
Torev is also part of the gener8tor portfolio, after completing gener8tor’s nationally-acclaimed accelerator program last year.
“Torev continues to make strides with their technology that not only provides an economic win for the customers of their motors, but also a win for the planet,” said Andrew Schmitz, Managing Director for the U.S. Venture Sustainability Accelerator at gener8tor. “We are fortunate to be part of Torev’s story and growth and we can’t wait to see where this new funding takes them.”