What is UgoWork?
UgoWork specializes in the development and manufacturing of advanced lithium-ion battery solutions tailored for material-handling vehicles, such as forklifts. This focus positions the company to address the increasing demand for efficient, sustainable, and high-performance energy storage in industrial logistics and warehousing operations. By providing these specialized batteries, UgoWork aims to enhance operational efficiency and reduce the environmental impact of heavy-duty vehicle fleets.
How much funding has UgoWork raised?
UgoWork has raised a total of $59.7M across 2 funding rounds:
Series B
$22.8M
Series C
$36.9M
Series B (2022): $22.8M with participation from Investissement Quebec, Fonds de Solidarité FTQ, Desjardins Capital, and Export Development Canada
Series C (2024): $36.9M led by Investissement Quebec, Export Development Canada, and Fonds de Solidarité FTQ
Key Investors in UgoWork
Investissement Quebec
Founded in 1998 and headquartered in Montreal, Canada, Investissement Quebec is a company that intends to assist in the growth of investment in Quebec and contributing to economic development and job creation. The corporation offers businesses a full range of financial solutions such as loans, loan guarantees, and equity investments.
Fonds de Solidarité FTQ
Founded in 1983, Fonds de Solidarité FTQ is a private equity and venture capital firm specializing in investments in start-ups, early ventures, mergers, business acquisitions. Fonds de Solidarité FTQ is located in Canada.
Export Development Canada
Export Development Canada was founded in 1944. This company provides risk management, secure financing and working capital services. Their headquarters are located in Ottawa, Ontario, Canada.
What's next for UgoWork?
The recent major strategic investment in UgoWork signals a strong confidence from its backers in the company's future prospects. This capital infusion is expected to fuel further expansion, potentially through scaling manufacturing capabilities, accelerating product development, and broadening market reach. The company's focus on enterprise-level solutions for material-handling vehicles suggests a strategic push towards capturing a larger share of the industrial battery market, driven by the global trend towards electrification and operational optimization.
See full UgoWork company page
