Just one week after launching, Pavegen’s latest equity crowdfunding campaign on Crowdcube is now nearing £1.3 million in funding from more than 795 investors. The funding round was launched last week and quickly secured £950,000 funding target. Prior to launching the initiative, the company raised £513,000, which is represented in the progress bar of the initiative.
As previously reported, Pavegen’s technology converts footsteps into electricity, making it possible to power services in high-footfall locations, as well as provide real-time data for analytics. Pavegen decided to take the equity crowdfunding approach a little over two years after its Kickstarter reward-based campaign was completed.
“Pavegen is the global leader in converting footsteps into electricity and data. Our tech can power off-grid applications like lighting, data transmission & environmental monitoring. A person on a Pavegen walkway generates up to 5 watts of electrical power per step. The system can connect to phones via Bluetooth mesh, rewarding users for steps, generating permission-based analytics & recurring revenues.”
Pavegen’s latest installations include smart city developments, retail destinations, transport hubs & education institutions in Hong Kong, India, Korea, Thailand, UAE, UK & USA. Clients incl Adidas, Intel, Abu Dhabi International Airport, Cisco, Google, Siemens, TFL & Washington DC State Gov.
The latest campaign on Crowdcube comes just after Pavegen reportedly receiving backing from Indian conglomerate, The Hinduja Group. According to the Telegraph, Pavegen hopes to use its relationship with the Hinduja Group to reduce manufacturing costs and expand its business into India and South East Asia. It did not disclose the amount the Hindujas invested.
Funds from the new Crowdcube round will be used to reduce our manufacturing costs and grow the company’s sales, as well as the marketing, teams to capitalize on significant market opportunities particularly in smart cities, transport, and retail.
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