British electric scooter company Pure Electric has launched a crowdfunding campaign to help drive its bold expansion plans – and has already secured almost £1.5 million of backing.
The Bristol-based manufacturer, which recently launched its new Pure Advance and Pure Advance Flex e-scooter models, has launched the investment round on Crowdcube today (Wednesday October 19), and had initially aimed to raise £1 million investment. But the firm says it has already secured nearly £1.5 million in a private fundraising round before the public campaign launched.
The public crowdfunding opportunity is now open on Crowdcube, with investments starting from £12.17.
FIRST RIDE: Pure Electric Pure Advance e-scooter
Pure Electric currently offers its machines in the UK, France, Spain and Belgium, and says that it has sold more than 200,000 e-scooters since it launched in 2018.
That could grow substantially in future, especially as more markets fully legalise machines such as e-scooters. At the moment, it is illegal to use a privately owned e-scooter on public roads in the UK, but that is set to change with new legislation currently being developed by the government.
Are e-scooters legal? Move Electric's definitive guide
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The company says that the funding will be used to drive expansion into other European market and invested in the development of future products. It is currently gearing up the launch the Pure Advance and Advance Flex e-scooters, which feature twin riding boards that the firm says makes them safer and more stable to ride.
Reinventing the e-scooter: seven lessons that shaped Pure Electric
Pure Electric is headed by Adan Morris, who previously ran Hargreaves Lansdown Pensions Direct. He said: “As we continue to scale our business and discover more ways that e-scooters can transform society, I passionately believe that this is a phenomenal opportunity and I’m delighted to invite like-minded investors to be part of our mission.”
While Pure Electric initially started with a chain of shops as well as its own Pure-branded e-scooters, it has recently pivoted to focus on the manufacture and production of e-scooters. It recently secured a deal for its machines to be sold in 66 branches of Currys and on the retailer’s website.
The campaign on Crowdcube can be found here (external link: Haymarket not responsible for contents).
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Pure Electric secures £1.5m as it launches funding drive to boost expansion - Move Electric
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