Donut Lab Secures €25 Million to Power the Future of EVs Across Land, Sea and Sky

Helsinki-based electric mobility startup Donut Lab has wrapped up its Seed funding round, raising an impressive €25 million after launching its lineup of five high-performance motors. Alongside the funding news, the company also announced a significant addition to its leadership team. Risto Siilasmaa, a seasoned tech investor and former Chairman of Nokia, has joined Donut Lab’s Board of Directors. Siilasmaa is known for founding several successful tech ventures, including the cybersecurity firms WithSecure and F-Secure.

Marko Lehtimaki, CEO, said: “The continued growth in demand, international expansion and interest in our business – from customers, investors and new recruits alike – demonstrates to us Founders what we have always believed, that our tech solution is truly groundbreaking. The performance, robustness, versatility and relative low cost of entry of our products really is a winning formula. I cannot wait to showcase the latest applications and introduce new business divisions and partners of our growing group in the coming weeks and months.”

Founded in 2024, Donut Lab provides everything needed to build an electric vehicle. Its modular Donut Platform offers a comprehensive ecosystem of interoperable components designed to accelerate and reduce the cost of EV manufacturing. These components include battery modules, central computer units, and intelligent vehicle control software.

One of the standout innovations is the Donut Motor, the world’s first in-wheel motor that combines high torque and power density in an ultra-lightweight form. By integrating the motor directly into the wheel, Donut Lab eliminates the need for traditional drivetrains. The design is flexible and can be applied to vehicles across land, sea, and air — including cars, trucks, drones, boats, and even defense and robotics applications.

Following the motor family’s successful debut at CES 2025, Donut Lab saw a 30-fold surge in demand. The company has now signed over ten commercial contracts with original equipment manufacturers from a wide range of industries, all of which aim to integrate Donut Lab’s full EV stack into their platforms.

To support this growth, Donut Lab has strengthened its international engineering and commercial leadership. New hires include Neil Patterson, now Vice President of Engineering Programmes, who brings experience from McLaren, Lotus, and Aston Martin, and Craig Williams, Vice President of Business Development, previously with BMW and Rivian. Additional team members will be announced later this summer.

As part of its global expansion, Donut Lab has also opened a new research and development facility in Chippenham, Kent. The UK team is working closely with colleagues in Helsinki and Tallinn to scale production of the EV motor family, with volume manufacturing already in progress.

Looking ahead, 2026 will be a pivotal year for Donut Lab. The company is planning a significant business and brand showcase, featuring real-world demonstrations of its technology in action. Expect to see a wide range of vehicle partners — from land to sea to air — exhibiting the versatility of Donut Lab’s electric mobility solutions.