Lumo, a West Sussex-based apparel company for cyclist, has launched an equity crowdfunding campaign on Crowdcube, to raise £200,000 for expansion. The startup previously made an appearance on reward platform Kickstarter and secured £74,118 from 458 backers.
According to the company, Lumo designs jackets and bags for cyclists that subtly incorporate ultra-high brightness LEDs. These lights are waterproof, washable and powered by a detachable USB-rechargeable battery unit. They are completely concealed until they are switched on, then visible from up to 400 meters when illuminated.
Sharing details about the project, the company shared:
“Safety concerns are the number one barrier stopping people from cycling. Yet while 92% of fatal cycling accidents occur in low light conditions, only 10% of cyclists wear high visibility clothing, according to an Oxford study. Why? Because we think city cyclists dress for their destination as well as their journey and walking into an office looking like a radioactive lemon just doesn’t work for most people.”
LUMO also uses quality fabric technology and cycling-friendly design with the aim of ensuring that cyclists are kept dry, their temperature is moderated, and they are comfortable riding their bike. Currently, LUMO has a patent (number 1414215.2) pending on its system.
Funds from the new crowdfunding campaign will go towards the following:
- Online driven customer acquisition plan.
- Hiring an experienced apparel COO targeted on reducing COGS by 15%; and
- Developing the next phase of LUMO products to include charging of devices on the go and energy harvesting from the fabrics themselves.
Since its launch, Lumo’s Crowdcube campaign has successfully raised nearly 89,000. It is set to close mid-July.
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