Revology Cars Raises $2.0M in Series A Funding
With backing led by Old Town Capital, the Florida-based startup will expand production of its brand new, re-engineered 1960s Mustang and Shelby automobiles
Orlando, Florida, June 16, 2017 / Orlando-based Revology Cars announced today that it has raised $2.0M in Series A funding to expand production of its brand-new, re-engineered 1960s Mustang and Shelby automobiles. The financing round was led by Old Town Capital along with a syndicate of additional investors. Old Town Capital’s principal Jamie Crouthamel is joining Revology Cars’ board of directors.
Revology Cars builds brand-new reproductions of iconic Ford Mustang and Shelby GTs, re- engineered with modern technology and features to improve performance, reliability, drivability, and comfort. Revology vehicles combine the style and character of the 1960s with today’s technology to create a truly remarkable and unique driving experience.
New federal legislation passed in late 2015 established a set of safety and emissions requirements designed specifically for motor vehicle manufacturers who produce fewer than 5,000 vehicles per year globally. H.R. 22, Section 24405 of the FAST (Fixing America’s Surface Transportation) Act provides a regulatory framework for low-volume vehicle manufacturers, including standards and procedures for vehicle emissions, safety, reporting, and even recalls.
“Revology’s offering is well-timed with the new legislation and increasing demand for 1960s muscle cars,” said Jamie Crouthamel, general partner with Old Town Capital. “We believe the market will continue to see a shift away from concours restored cars that are not driven often, towards new reproduction cars with the driving dynamics and other functional characteristics of modern cars, that can be driven daily. Revology has carved out a unique niche in the market and we are excited to collaborate with and support them as they work to build a great company in an exciting category.”
Tom Scarpello, Revology’s founder and CEO, who ran the Special Vehicle Team at Ford and later became an international executive at Nissan Motor Ltd., started Revology with the intention to create an entirely new market segment. “The 1960s was a unique period of unbridled creativity and expression in vehicle design,” says Scarpello. “We are preserving the legacy of these cars, while making them reliable and fun to drive.” Scarpello’s extensive OEM background is apparent in the way his company operates, blending OEM discipline with a nimble, entrepreneurial mindset and a deep understanding of the customers’ needs and wants.
“Manufacturing is all about process,” says Scarpello. “We have adopted established OEM processes to ensure quality, reliability, and durability. Yet, we know our products are discretionary purchases, so they need to be exciting, engaging, and connect emotionally with the customer.”
At the heart of Revology’s solution is a proprietary vehicle platform, on which the various models are built. “Our platform was designed for and will be common to all of our 1965-1970 Mustang and Shelby models,” says Tom Scarpello, Revology’s founder & CEO. “This is a thoughtfully engineered platform, featuring high quality, late model OEM components for consistent quality, reliability, and durability, as well as availability of spares.”
An automobile platform is a shared set of common design, engineering, and production elements, as well as major components that are used in a number of outwardly distinct models and even types of cars. Vehicle platform-sharing combined with advanced and flexible-manufacturing technology enables automakers to sharply reduce product development and changeover times, while modular design and assembly allow building a greater variety of vehicles from one basic set of engineered components. Key components that define an automobile platform include the floorpan, which serves as a foundation for the chassis and other structural and mechanical components, the wheelbase, steering mechanism and type, front and rear suspensions, and placement and choice of engine and other powertrain components.
Key features and benefits of the Revology Mustang platform include:
The use of modern components to improve the performance and reliability of 1960s cars is a growing trend. Today, a classic car with modern upgrades is known as a “restomod”, a term coined by combining the words, “restoration” and “modified”. However, until now, restomods have been essentially custom built one-off vehicles; nobody has ever designed a bespoke platform and built them on an assembly line. “The typical restomod is a collection of parts bolted together. Sometimes it works, sometimes it doesn’t,” says Scarpello. “If you are only making a few changes, like upgrading brakes or adding A/C, it is usually OK. When the changes become significant, you are essentially designing and engineering a new vehicle. This is what we do.”
About Revology Cars
Revology offers a growing lineup of iconic Ford Mustangs and Shelby GTs, including the 1966 Mustang GT convertible and 2+2 Fastback; 1966 Shelby GT350; 1967 Shelby GT500; and the 1968 Mustang GT 2+2 Fastback. The company is licensed by Ford Motor Company and Shelby American to build authorized reproductions of these iconic automobiles. Complete information, including pricing, can be found on the Revology website at www.revologycars.com or by contacting Revology Cars directly at (800) 974-4463.
Revology Cars LLC
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