MILAN - 30 July 2014: VAM Investments SpA, the holding company of the private equity firm founded by Marco Piana and Ennio Valerio Boccardi, announced the acquisition of a significant minority stake in Genny Mobility via a €3M in capital increase carried out via a dedicated investment vehicle.
Founded in 2012 by Paolo Badano, inventor, and Claudio Poggio, the multinational company Genny Mobility (www.gennymobility.com) is the maker of Genny the revolutionary two-wheel, self-balancing motorized segway wheelchair that is changing the lives of paraplegics restoring their independence in mobility on any terrain, all with a design and style far away from the traditional view of disability. The injected liquidity will finance the international development, given the presence of Genny in many European countries, and further investments in innovative technology for the product.
Founded in 2012 by Paolo Badano, inventor, and Claudio Poggio, the multinational company Genny Mobility (www.gennymobility.com) is the maker of Genny the revolutionary two-wheel, self-balancing motorized segway wheelchair that is changing the lives of paraplegics restoring their independence in mobility on any terrain, all with a design and style far away from the traditional view of disability. The injected liquidity will finance the international development, given the presence of Genny in many European countries, and further investments in innovative technology for the product.
Paolo Badano, Founder and CEO of Genny Mobility, commented: "With the VAM investment we bring to completion the development phase of the product and start of commercial operations, entering into a phase of accelerated international growth.
Genny is not only a revolutionary product, but it also represents an innovative vision of disability that breaks the mold of traditional schemes and points directly to the quality of life by "sitting." We are delighted to have found in VAM a partner who contributes with expertise and resources to the realization of this vision. "
who led the investment in Genny, said: "We are excited to be new members of Paolo Badano and Claudio Poggio, who with Genny bring courage and innovation in the world of disability. Genny has a mix exceptional technology, functionality and design that make it a revolutionary product of global ambition and highly positive impact on the social level, a fundamental element in our decision to support entrepreneurs and the company at this stage of development. "
Marco Piana, will serve as chairman of the board of Genny Mobility.
VAM Investments was advised by legal firm Pavia & Ansaldo for the legal due diligence and New Deal Advisors for accounting and tax due diligence. Genny Mobility was assisted by ADVANCE Corporate Finance and law firm Gianni, Origoni, Grippo & Partners.
Genny Mobility is te makes of Genny the revolutionary two-wheel, self-balancing motorized segway wheelchair for disabled. The Idea of Genny 2.0 is the result of an evolution that started with inventor Paolo Badano's intuition. More than 16 years ago this young man found himself having to live with his wheelchair because of a mere accident.
The ongoing research to improve daily mobility in those years were never of interest to him. The solutions the market offered were sistematically traditional variations of the classic four-wheeled chair, that, even if powered, always ended up having a number of limitations and being aesthetically questionable.
It was only a few years ago when his attention was caught by a strange electric means of transportation named ‘Segway PT’. A machine that appeared to be magical thanks to its unique functions and stabilization abilities.
The only apparently unresolvable problem was that, in order to use it, one had to be in a perfect upright position. It didn’t take much figuring out to understand that if the Segway PT® managed to keep safely in balance a human being with the center of gravity high above the ground, it would also be able to do so for a seated user.
Of course, as always, the actual development of a plan takes much more time than coming up with an idea, especially since this was a very ambitious undertaking, the first obligation of this means of transportation being to continue guarantee safety for its new rider.
For more than two years Paolo has collaborated in this project, facing with determination the obstacles that presented themselves every day along the way. His choice to embrace the Segway® technology and put to good use the experience of designers and engineers with worldwide reputation in robotics, has made the difference. And this choice eventually has brought him to this indisputable success.
The ongoing research to improve daily mobility in those years were never of interest to him. The solutions the market offered were sistematically traditional variations of the classic four-wheeled chair, that, even if powered, always ended up having a number of limitations and being aesthetically questionable.
It was only a few years ago when his attention was caught by a strange electric means of transportation named ‘Segway PT’. A machine that appeared to be magical thanks to its unique functions and stabilization abilities.
The only apparently unresolvable problem was that, in order to use it, one had to be in a perfect upright position. It didn’t take much figuring out to understand that if the Segway PT® managed to keep safely in balance a human being with the center of gravity high above the ground, it would also be able to do so for a seated user.
Of course, as always, the actual development of a plan takes much more time than coming up with an idea, especially since this was a very ambitious undertaking, the first obligation of this means of transportation being to continue guarantee safety for its new rider.
For more than two years Paolo has collaborated in this project, facing with determination the obstacles that presented themselves every day along the way. His choice to embrace the Segway® technology and put to good use the experience of designers and engineers with worldwide reputation in robotics, has made the difference. And this choice eventually has brought him to this indisputable success.
VAM Investments is a financial holding company, born in 2011 as the personal investment vehicle of its founders, and since late 2013 investing also selected co-investors’ capital on a deal-by-deal basis. It focus on late-stage venture / development capital and small buyout investments, with a broad scope in terms of industries, taking majority or significant minority positions with active control powers and clear exit paths. The value proposition consists in providing co-investors with top-quality investment origination, deal execution and management skills, while offering the founders of theinvestee companies a professional yet entrepreneurial strategic and financial partner.
In 2014 VAM Investments opened a new field of investment activity in the renewables sector, in partnership with specialized professionals, pursuing secondary transaction opportunities to provide co-investors with access to “yield” investment assets.
VAM current investment portfolio also includes the online travel agency Yalla Yalla (www.yallayalla.it), the shopping-mall dental clinics chain DentalPro (www.dentalpro.it), and the online fashion second-hand marketplace Privategriffe (www.privategriffe.com).
VAM current investment portfolio also includes the online travel agency Yalla Yalla (www.yallayalla.it), the shopping-mall dental clinics chain DentalPro (www.dentalpro.it), and the online fashion second-hand marketplace Privategriffe (www.privategriffe.com).
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