Grounded Secures $5 Million Seed Funding
Grounded, a Detroit-based startup specializing in smart, modular electric specialty vehicles and adventure vans, has announced the successful close of a $5 million seed funding round. Founded by Sam Shapiro, who serves as CEO, and Nick Fitzpatrick, Co-Founder and Head of Design, the company aims to revolutionize the way vehicles are customized for both personal and business use.
Investor Participation
The seed round saw investments from a diverse group of backers, including Also Capital, The 81 Collection, Animal Capital, the Michigan Outdoor Innovation Fund, and various alumni from SpaceX. Notably, there was no single lead investor identified for this round.
Expansion Plans
The funding will support the opening of a new 50,000-square-foot manufacturing facility in Detroit. According to Sam Shapiro, "This new facility is a turning point for Grounded.” The startup plans to use this space to scale its modular design business to be vehicle-agnostic, allowing for customization across different types of fleet needs, whether electric or combustion-powered. Production at this facility is set to begin this month, with capacity expected to ramp up in the coming year.
Strategic Use of Funds
The newly acquired funds will primarily be used to expand production capabilities and scale operations to meet the demands of fleet customers. Grounded’s approach involves using a modular, "Lego-like" system to customize vehicles, initially focusing on electric models like Ford's E-Transit and GM's BrightDrop. However, with changes in the market, the company is now adapting to customize both electric and gas-powered vans.
This funding marks a significant step in Grounded's journey, enabling them to bring their platform to a broader range of commercial vehicles and meet the needs of businesses and institutions that rely on versatile and customizable transportation solutions.