Uniti Raises Over £686,000 on Crowdcube, Opens Offer to General Public this Week

Uniti, the Sweden founded electric car manufacturer, will open up their current equity crowdfunding offer to the general public this week. Currently listed on Crowdcube for pre-registered investors, Uniti has raised over £686,000 from 353 investors to date. Uniti is seeking £1 million in funding at a pre-money valuation of a £97 million.

The crowdfunding round is part of a larger €30 million round that is expected to close in the coming weeks. It is not clear if the deal terms between the two offers are exactly the same.

Earlier this year, Uniti announced its “first fully digitalized EV production site” located at Silverstone Park in the UK. The facility will be a pilot production plant that will be used to produce the Uniti One as well as being a blueprint for globally licensed assembly plants throughout the world creating a “factor in a box model.”

Even with the looming Brexit separation, Uniti made the decision to move their entire R&D facilities to the UK, a decision that should mean both jobs and money for the country. Uniti predicts 50,000 cars a year will roll off the line in Silverstone.

The vehicle has set a high bar to achieve. As more cars become electric, Uniti wants to capture a significant portion of this emerging sector or transportation. Uniti hopes to capture 4% of the EU electric car market by 2024. The “Production Intent Model” is expected to be completed in 2019 with manufacturing commencing in 2020.

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