Uniti Crowdfunding Campaign Opens to Early Registrants, Expectations are for Equity Offer to Fill Quickly

Uniti, perhaps the most interesting electric car company raising money via crowdfunding, has opened their offering on Crowdcube for early registrants.

According to the offering page, Uniti is looking for £1 million at a pre-money valuation of £97 million. The page indicates that 169 investors have already committed to back the firm and given the high degree of interest, Uniti expects the offer to close quite rapidly once it is open to the general public. The funding is part of a larger £30 million round which will most likely go to VCs. Uniti is following the now well-trodden path of matching retail investors with professional money as retail investors can be vocal proponents of the brand.

Uniti has completed several equity crowdfunding offerings. First, the Nordic company offered equity on FundedByMe at a valuation of €9.8 million. The company went on to do another self-crowdfunding round.

The company plans on launching an affordable electric vehicle with an iconic design in both the UK and Scandinavia in 2020. Manufacturing and distribution will grow from there.

Uniti announced a pilot plant in Silverstone, UK earlier this year.

More than €75 million in pre-orders, at €149 per reservation, have already been registered.

Target specs of the first electric car are listed below:

  • 240 km range
  • 130 km/h top speed
  • Rear wheel drive
  • Dual motors output of 120kW
  • 26 kWh battery pack, DC fast charging
  • 25 min from 20-80% on standard charge
  • 900kg gross weight

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