This follows a successful private raise, which saw the company surpass its original target of £1 million by securing almost £1.5 million of funding in one day. However, Pure will still be accepting more investments from the public.
“We still want to ensure as many of our community get the opportunity to join us on this journey,” said Pure’s CEO and Founder Adam Norris on a LinkedIn post. “We’re accepting more investments to further support our commitment to growing further, more quickly all while making a positive difference globally.”
The Bristol-based firm will use the money to capitalise on its growth in France, Belgium and Spain, and to drive further expansion across Europe.
People can invest as little as £12.17 to help drive Pure’s pan-European business while gaining access to exclusive shareholder rewards.
“Our ultimate goal is to drive the ownership and adoption of e-scooters on a global scale,” Norris told Zag Daily.
“The investment we secure through Crowdcube will be used to help us deliver on our mission by developing more incredible products, continuing to grow our brand awareness, and expanding into new territories.”
When entering new markets, Pure’s plan initially is to sell its products via third-party retail stores before developing a direct-to-consumer offer.
This is the same strategy it followed in existing markets. For example in France and Spain, Pure has 150 points of distribution through a partnership with FNAC Darty, while in the UK Pure has partnered with technology retailer Currys, which will see its e-scooters stocked in the company’s 66 stores across the region.
The decision to crowdfund follows the recent reveal of three brand new e-scooters at a launch event in Paris. This new range features two foot plates to create a forward-facing riding stance, a patent pending steering control system and a foldable chassis.
Pure said that future investment in the business will support driving awareness and sales of its new products across Europe.
Matt Cooper, Chief Commercial Officer at Crowdcube, commented: “Investment into green companies via Crowdcube has risen considerably over the past few years, and we’ve seen more and more of these companies taking on the challenge of urban mobility.
“74% of Crowdcube investors want their investments to make a positive impact in the world, and we’re looking forward to giving our investors the chance to back Pure Electric as well.”