Enertor, the insole company endorsed and worn by track star Usain Bolt, has completed its crowdfunding round on Crowdcube. The offer closed at £1.03 million having received the backing of 1025 investors. The crowdfunding campaign went live on August 7 and easily topped its £750,000 funding goal. The offer was for an equity stake in the company that had a pre-money valuation of £10 million.
Bolt has agreed to promote the company for ten years. Recently the company had launched in over 500 stores. Enertor wants to revolutionize the global foot insole market by targeting a younger, more active audience that wants to remain injury free.
“We are delighted to see another successful business on Crowdcube. Our platform provides a market-leading channel between high-growth, pioneering small businesses like Enertor and the funds of a diverse crowd of investors. The degree of enthusiasm shown by investors towards Enertor meant that we were more than happy to extend the length of the raise after they reached their funding target,” commented Luke Lang, co-founder of Crowdcube.
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