Melbourne-born electric motorbike maker Savic Motorcycles has shipped out its first commercial orders after eight years of development, and is taking a pit stop to meet fund managers in hopes of raising $12 million at a $30 million valuation.

The start-up, which targets modern motorheads looking for a fun yet powerful commuter vehicle, has 240 pre-orders for its 2024 C-Series of motorcycles. That includes the Alpha model which sells for $26,990 and can hit 100 kilometres an hour within 3.5 seconds. A full charge takes about six hours and can power the motorcycle for 200km.

Founder Dennis Savic said the raise's proceeds would help him run a cost-reduction program to lift EBITDA margins, fulfil the pre-orders, and enter up to two internal markets between the UK and Europe. It has so far been funded via about $5 million in seed capital and friends and family raises.

"About 20 orders a month makes us profitable, and we already have 12 months of production lined up from 240 pre-orders," Savic said.

The $12 million Series A is expected to be done at a circa $30 million. But Savic says the business has clear pathway to hitting $150 million revenue by the 2028 financial year.

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CREDITS: Sarah Thompson, Kanika Sood and Emma Rapaport