Core Insights - E-cargo bike manufacturer Xunlu Innovation has completed a new round of financing amounting to several tens of millions, led by Sequoia China Seed Fund, with participation from existing shareholders [1][3] - The funds will be used for mass production of the first product and research and development of the next generation of products [1] - Xunlu Innovation was established in July 2023 and has completed four rounds of financing within two years, with historical shareholders including DeXun Investment, XBOTPARK Fund, Brizan Ventures, and others [1] Company Overview - Xunlu Innovation plans to launch its E-cargo bike brand TARRAN in Europe in 2024, with the first product T1 Pro priced at €6,999 (approximately ¥58,000) [1] - The T1 Pro can be equipped with various accessories, and the total price with all original accessories can reach €8,682 [1] - The company’s founder, Guo Zhuo, identified the unique E-cargo bike category and conducted field research in Europe to understand user needs [3] Market Trends - The E-cargo bike market has rapidly grown due to increasing demand for sustainable transportation and last-mile delivery in European cities [3] - In Germany, 189,000 E-cargo bikes were sold in 2023, representing a year-on-year growth of 14.5%, with the market share of E-cargo bikes in the E-bike category increasing from 7.5% to 9% [3] - The average selling price of E-cargo bikes in Europe exceeds €5,000, indicating a high average transaction value [3] Product Features - The T1 Pro features a Dynamic Dualdrive™ auxiliary wheel system, which includes dual motors for independent control, enhancing stability and safety [4] - The product is equipped with a 70Hz millimeter-wave radar and three high-definition cameras for real-time monitoring and safety alerts [5] - T1 Pro offers a dual battery mode with a maximum range of 200 kilometers, a maximum load capacity of 220 kg, and is designed to accommodate two children or three Euroboxes [6] Competitive Landscape - The E-cargo bike market faces challenges of product homogeneity due to reliance on third-party systems, prompting Xunlu Innovation to develop its own motor and control systems [5] - The company aims to enhance the intelligence of its products through self-developed technology, allowing for flexible feature development [5] - The T1 Pro includes advanced security features such as a keyless entry app and a "sentinel mode" to prevent theft [6] Sales Strategy - T1 Pro is primarily targeted at the European market, with a focus on developed countries in Northwest Europe, particularly Germany [7] - Consumers can find nearby stores for test rides or purchase online through the company’s website [7] - The founding team has extensive experience in product development and project management from leading technology companies [7]