May 14, 2014 / 1:40 PM / in 4 years

Motor racing-Electric series raises 50 million euros from investors

LONDON, May 14 (Reuters) - The Formula E electric car racing series has raised 50 million euros ($68.5 million) from new investors including Californian technology company Qualcomm to help fund its launch this year, organisers said on Wednesday.

Qualcomm and Amura Capital, a private equity fund based in Andorra, are the main new investors ahead of the first race which is scheduled to take place around Beijing’s Olympic stadium in September.

Featuring teams backed by Hollywood actor Leonardo DiCaprio and British entrepreneur Richard Branson, Formula E is designed to help boost the image and sales of electric cars. .

U.S. investment group Causeway Media Partners, owners of the Boston Celtics basketball team, has already joined founders Alejandro Agag and fellow Spaniard Enrique Banuelos as backers of Formula E.

Three more investors are expected to sign up shortly.

“What started out as an idea, is now becoming a reality,” Agag said in a statement.

“Formula E is moving closer to its goal to show fans around the world the true potential of electric cars.”

Formula E races will be held in the centres of 10 major cities, with London and Buenos Aires on the calendar.

$1 = 0.7296 Euros Writing by Keith Weir, editing by Pritha Sarkar

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