Wheelchair Brand AddMovement to Launch Second FundedByMe Campaign

Nearly one year after closing its first FundedByMe campaign, wheelchair brand AddMovement announced it is launching a second initiative on the equity crowdfunding platform to raise  €160,000. The company is known for its product, AddSeat, which is described as a mobility seated device that is suits everyone from those with walking difficulties to those who are paralyzed or injured below the chest. AddMovement noted it currently has customers in Sweden, Denmark, Norway, Germany, the Netherlands, Greece, and the U.S. The company previously raised €105,000 on the funding portal. 

The company revealed:

“The increase in the global dealer network in 2016 and into 2017 caused by the growing market demand, we expect investments in AddMovement to generate a high ROI in the next few years. We will add new gyro platforms to the AddSeat family and increase the volume of distribution by adding new dealers in each country, therefore, significantly increasing revenue and of course make us attractive for a trade sale within 2-3 years.”

Funds from the new initiative will be used for the following:

• Stability of cash flow for international market expansion
• Build stock levels for various markets
• Pre-purchase parts for production
• Use for events this upcoming fall
• Business development and marketing

Marit Sundin, founder of AddMovement, stated:

“After the success of our Loan Crowdfunding campaign it was an easy decision to return to FundedByMe. The timing is also impeccable as AddSeat will be on the global stage at the upcoming Paralympicsin Rio, where Canadian Paralympic Swimmer, Tammy Cunnington, will be using it to move around the Paralympic village and to and from competitive events.”

AddMovement will offer 2.5% of its shares at the price of  €124.80. The minimum investment is €249.60. So far, the campaign has received 42% of total funds with 21 investors reserving shares. The campaign is set to close next month.