Fledgling British sports car manufacturer Zenos Cars has been given a big vote of confidence after securing £2 million in funding from investors.
The cash will be used to help put the E10 sports car into production, including the testing and development of pre-production prototype cars.
Zenos was set up two years ago by ex-Caterham men Ansar Ali (former CEO) and Mark Edwards (former COO).
The E10 was revealed earlier this year at the Autosport International show and reaction to the £25,000 sports car was positive. This round of investment shows the firm clearly has a strong business case too – backers include founder of the Carphone Warehouse Sir Charles Dunstone, reports City A.M. today.
Venture capital trust Pembroke has taken a £1 million stake and it was reported to be investing in Zenos Cars because it “has created lightweight sports cars that provide thrilling drivability and performance at an affordable price point”.
The fact Zenos not only has the E10 on the table but future E11 and E12 models also in its product plan probably also helped secure the backing: the firm appears to be taking a professional, businesslike approach from the off.
Now funding is in place, development and testing of the E10 is expected to gather pace, prior to its market launch in 2015. To ensure interest is kept up, the firm showcased it last weekend at the Goodwood Festival of Speed 2014 – sporting a rather snazzy new bright green paint job…