When was Addax Motors founded?

Addax Motors was founded in 2015 and raised its 1st funding round 5 years after it was founded.

Where is Addax Motors located?

Addax Motors is headquartered in Deerlijk, Belgium.

How many employees does Addax Motors have?

As of Dec 31, 2022, the latest employee count at Addax Motors is 25.

Is Addax Motors a funded company?

Addax Motors is a funded company, having raised a total of $***** in its 1st and only funding round, a Series A round on Nov 27, 2020.

When was the latest funding round of Addax Motors?

Addax Motors' latest funding was a $***** Series A round on Nov 27, 2020, with participation from 2 investors.

What is the annual revenue of Addax Motors?

Annual revenue of Addax Motors is €3.95M as on Dec 31, 2023.

Where does Addax Motors rank among its competitors?

Addax Motors ranks 6th amongst 98 active competitors, of which 8 are funded. It stands 2nd in terms of total funding among its competitors. The most recent competitor to raise funding was Ayro, which secured $7M in Aug, 2025.

Who are the top competitors of Addax Motors?

Addax Motors' top competitors include Ayro, Morris Commercial and MOKE International. Among them, Ayro secured the most recent funding round in August, 2025.

Addax Motors - 2026 Company Profile, Team, Funding, Competitors & Financials

Company Details

Developer of electric utility vehicles. The company develops various models of electric utility vehicles like MT15N, MT10, and MT15 with features like lithium-ion batteries, 1000 kg payload capacity, central locking system, and more. It caters to cities & municipalities, industrial & facility management, last-mile delivery, postal services, etc.

Website: addaxmotors.com
Social
Email ID: *****@addaxmotors.com
Phone Number: +32 **********

Key Metrics

Founded Year

2015

Location

Deerlijk, Belgium

Stage

Series A

Total Funding

$11.9M in 1 round

Latest Funding Round

Series A, Nov 27, 2020, $*****

Investors

SFPI & 1 more

Ranked

6^th among 98 active competitors

Annual Revenue

€3.95M as on Dec 31, 2023

Employee Count

25 as on Dec 31, 2022

Similar Companies

Ayro & 152 more

View Addax Motors' full profile

Addax Motors is associated with 1 legal entity given below:

Legal Entity Name	Date of Incorporation	Revenue	Latest Employee Count	Documents
ADDAX MOTORS CIN: 0637.770.347 , Belgium, Active	Sep 14, 2015	$4.27M (As on Dec 31, 2023)	25 (As on Dec 31, 2022)	-

Addax Motors has raised a total funding of $11.9M over 1 round. Its latest funding round was a Series A round on Nov 27, 2020 for $*****. 2 investors participated in its latest round. Addax Motors has 2 institutional investors.

Here is the list of recent funding rounds of Addax Motors:

Date of Funding	Funding Amount	Round Name	Post-Money Valuation	Revenue Multiple	Lead Investors	Other Investors
Nov 27, 2020	4883669	Series A	6120177	5881709	6919852	5088628

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View details of Addax Motors's funding rounds and investors

The founders of Addax Motors is Jerome Lefebvre.

Here are the details of Addax Motors' key team members:

Jerome Lefebvre: Co-Founder of Addax Motors.

View details of Addax Motors's Founder profiles and Board Members

Addax Motors' employee count trend

Addax Motors has 25 employees as of Dec 22. The total employee count is 39.0% more than what it was in Dec 21. Here is Addax Motors's employee count trend over the years:

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Top competitors of Addax Motors include Ayro, Morris Commercial and MOKE International. Here is the list of Top 10 competitors of Addax Motors, ranked by Tracxn score:

Rank	Company Details	Short Description	Total Funding	Investors	Tracxn Score
1st	Ayro 2017, Round Rock (United States), Public	Manufacture of electric utility vehicles	$3.27M	Dancy Capital Partners, Europa & 1 others	60/100
2nd	Morris Commercial 2015, Birmingham (United Kingdom), Seed	Manufacturer of light commercial electric van	$6.89M	Capital for Colleagues, Agile Impact Capital ... & 13 others	49/100
3rd	MOKE International 1964, London (United Kingdom), Acquired	Developer of electric utility vehicles	-	EV Technology Group	47/100
4th	Phoenix Motorcars 2002, Ontario (United States), Public	Developer of light and medium-duty electric vehicles	-	Kleiner Perkins, ATIF Holdings	46/100
5th	Roots Industries India 1990, Coimbatore (India), Unfunded	Manufacturer of golf carts and electric vehicles	-	-	44/100
6th	Addax Motors 2015, Deerlijk (Belgium), Series A	Developer of electric utility vehicles	$11.9M	SFPI, Resultance	47/100
7th	EVC Group 2007, Hulin (Czech Republic), Unfunded	Electric minibus and vans	-	-	39/100
8th	Waev 2021, Anaheim (United States), Funding Raised	Manufacturer of electric commercial and utility vehicles	-	J P Morgan	39/100
9th	Tropos Technologies 2016, Morgan Hill (United States), Series B	Manufacturer of electric commercial utility vehicles	$13.2M	Walleye, Workhorse Group	38/100
10th	Tenax International 2016, Rio Saliceto (Italy), Unfunded	Manufacturer & supplier of electric sanitation equipment	-	-	38/100