Electric scooter and bicycle brand, Mute International, is set to close its equity crowdfunding campaign on Crowdcube with nearly £1 million from more than 540 investors. The company originally sought to raise £800,000 through the initiative.
As previously reported, Mute International already operates in China, Indonesia, and Australia. It wants to make electric scooters and bicycles immediately available through its technology driven usership programs. It is expected to deploy 2,900 units within the next twelve months. The company seeks to make electric scooters [and] bicycles immediately accessible for individual/commercial use without the constraints and costs of ownership at the tap of a button
“Our bike supply programs are tailored to an individual’s or business’s needs. Both businesses and individuals want to make a difference to the environment, reduce costs and have easy access to innovative electric transport. Buying an electric vehicle for commercial or private use can be price prohibitive as electric vehicles are more expensive than petrol/diesel. There is also uncertainty with regards to maintenance, cost of replacement battery and obsolescence.”
Mute International also reported more details about its expansion plans:
“Beginning in the UK, followed by Europe and some of Asia’s most populated, congested and exciting cities, where people are demanding smart transport alternatives, MUTE will expand across the world in a series of tightly planned and executed launches. Driven by customer demand, MUTE will launch in a number of foundation cities in 2017/18 with further expansion to strategically selected cities to follow.”
Other plans also included:
- Finalize development of its mobile application
- Commence domestic and international marketing campaigns
- Provide bikes to clients under letters of intent
- Franchise the concept to experienced operators in other European countries
The Crowdcube campaign is set to close on July 20th.
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