Exway Bags Over $6M in Financing From Sequoia China Seed Fund

36Kr reported on Thursday that Exway, an electric skateboard brand, has completed round-A financing of 40 million yuan ($6.28 million). The investor in this round of financing is Sequoia China Seed Fund, and the fresh funds will be mainly used to improve delivery capacity and service quality.

Exway was founded in 2016, and its operator is Shenzhen Sunto Technology Co., Ltd. At present, the firm has four different series of electric skateboard products, including the X1, Atlas, Flex and Wave, with prices ranging from $599 to $1999, meeting a diverse range of consumer needs. Its main markets are overseas, with the American market accounting for more than 60% of its revenue.

Regarding supply chains, Exway’s seed round of financing is from Hobby Wing Technology’s three founders. Hobby Wing Technology focuses on high-end remote control model, brushless fan for bus/sedan and industrial unmanned aerial vehicles. Among them, a brushless power system, batteries, electric control and motors are needed to made electric skateboard products. This also provides the main support for Exway to have independent development capabilities and to build its own factory in the initial stages.

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Since the successful development of its X1 Pro product in 2019 and the successful crowdfunding of $185,000, Exway has kept releasing a new skateboard product every year.

At present, Exway’s service network covers more than 50 countries and over 200 cities around the world, serving more than 50,000 active players. In 2019, its sales were close to 40 million yuan. By March 2021, the firm had sold 100,000 electric skateboards, which have become popular both within China and abroad.