Formula E Holdings, series promoters of the FIA Formula E Championship, concluded its first round of financing, attracting a new wave of investors totalling 50 million euros.
The main investors in this round are Qualcomm Incorporated, through its venture capital arm Qualcomm Ventures, and Andorran-based private equity fund Amura Capital. Both have committed to the new electric race series, alongside existing investor Causeway Media Partners – owners of the Boston Celtics NBA basketball team. The three join current shareholders Spanish entrepreneur Enrique Bañuelos and Alejandro Agag, CEO of Formula E Holdings.
A further three shareholders are expected to be announced shortly with all receiving a seat on the Formula E board of directors.
Formula E Holdings is a privately funded consortium which holds the exclusive licence from the FIA to promote its new fully-electric racing series, which hosts its inaugural event on September 13 racing around Beijing’s iconic Olympic ‘Bird’s Nest’ Stadium.
The championship is designed to appeal to a new generation of motorsport fans, whilst accelerating the interest in electric vehicles and promoting sustainability. Racing entirely on temporary city-centre race tracks, it uses single-seater electric cars capable of speeds in excess of 150mph (225kph). Its 10 teams feature some of the leading international names in motorsport including Alain Prost and Michael Andretti, along with high-profile environmental supporters such as Sir Richard Branson and Leonardo DiCaprio.