British e-scooter brand Pure Electric has raised £2.27 million in its latest crowdfunding campaign which launched last month.
Having surpassed its target of £1 million by 227%, the crowdfunding campaign attracted 974 investors and brings Pure’s total investment to more than £70 million.
The company will use the funding to launch in Germany and Japan in the next three months – what Founder Adam Norris believes are two of the world’s largest e-scooter markets.
“Investors are investing with confidence for two reasons. Firstly, they understand the scale of the climate problem and realise that e-scooters are part of the solution,” Adam told Zag Daily.
“Secondly, they believe in our management team. We’ve already demonstrated our ability to create high-quality products and investors believe in the scale of our business.”
The company will also be using the recent raise to expand its product range.
“I use an analogy of the car industry,” Adam said. “If you look at nearly every car company, like Mercedes, they have an estate car, a sports car, a four-by-four, and a people-mover.
“Different consumers want different products. We’ve built a global network for consumers and their unique needs, and fulfilling those needs will drive our profitability.”
The Crowdcube campaign let investors become Pure shareholders for £30.40, and exclusive rewards were offered such as purchase discounts, free e-scooters, and a Silverstone Formula 1 experience.
Investors of the latest funding round include the former CEO of investment company SoftBank International, Chief Marketing Officer of Hilton Hotels, and CEO of consumer electronics company Bang & Olufsen.
Big names have long been attracted to Pure Electric. Earlier this year, the brand teamed up with McLaren to release its Senna Special Edition e-scooter inspired by Brazilian McLaren driver Ayrton Senna.
Adam has directly invested £60 million of the company’s total investment into the business, which achieved a £20 million turnover in its last financial year.
Pure is currently in 800 retail outlets globally and has sold more than 295,000 scooters since it launched in 2018.
