Overfunding: Uniti Scores £1 Million Funding Target Through Crowdcube Round

Uniti, the Sweden founded electric car manufacturer, has secured its initial £1 million equity crowdfunding target on Crowdcube. The round was launched last month and has attracted more than 1450 investors. The funding round is reportedly 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.

As previously reported, Uniti announced its “first fully digitalized EV production site” located at Silverstone Park in the UK in early 2018. The facility will notably 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.”

“Cars need to change. Climate scientists warn our window for change is rapidly closing. But people still need to drive to work everyday. Uniti’s answer is an affordable Electric Vehicle (EV) purpose-built for the daily commute, a car that meets the needs of society while offering the right combination of styling, connected features and performance that people rave about. The market for EVs is expected be worth over €1 trillion over the next decade with additional €1.5 trillion in new service and data revenue led by shared mobility. We believe Uniti is poised to compete well in that global market with B2C direct sales and subscription models and with B2B fleet sales.”

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. The funding round is currently set to close at the end of January.


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