Uniti, a Sweden founded electric car manufacturer, is set to close its latest equity crowdfunding campaign on Crowdcube with more than £1.2 million in funding from over 1900 investors. The company launched the round in December, originally seeking £1 million for a 1.02% equity stake in the company at a pre-money valuation of £97 million. This is the third securities crowdfunding round for Uniti.
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.”
According to Uniti, the latest Crowdcube funding round is part of a larger €30 million round. The company also reported that it 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 Crowdcube round is set to close on Friday.
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