Overfunding: Scooter Brand eFOLDi Quickly Achieves £350,000 Funding Target on Crowdcube

eFOLDi, a UK-based scooter brand, has successfully secured its initial £350,000 equity crowdfunding target just days after the launching the funding round on Crowdcube. Since its debut last week, the initiative has attracted more than £450,000 from 155 investors. The company reported that it raised £104,000  from crowdfunding pre-sales in 18 days from investors in more than 11 countries.

The company describes itself as an electric personal vehicle developed by SunTech UK Ltd, a research-driven UK business on a mission to bring true freedom to people with reduced mobility.

“Our award winning eFOLDi ® is an electric personal vehicle that can be neatly folded into a piece of luggage for easy transportation and storage, as well as being folded into a chair to rest on. At only 16kg with Li-ion battery and forged aluminium frame, the innovative design and patented invention enable this transformer- on-wheels to be extremely compact, lightweight and versatile.”

So far, eFOLDi has received various awards, including:

  • Winner of British Invention of the Year 2016
  • Virgin VOOM awarded by Sir Richard Branson
  • Winner of Scottish EDGE and Enterprise

Other achievements are the following:

  • Exclusive distributor agreements signed with the U.S. and China. First-year order totaled 4,900 units
  • £120,000 business service and prize awarded by Virgin VOOM
  • £115,000 funding from Scottish EDGE and Enterprise for product R&D
  • eFOLDi MK1.5 achieved 20% reduction in weight and 30% increase in range
  • Patent and trademark protections in Europe, China, India, and the U.S.

All funds from the Crowdcube round are going towards continuing the expansion and growth of eFOLDi. The campaign is currently set to close at the beginning of March.

 


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