Overfunding: Riversimple’s Latest Seedrs Round Surpasses £750,000 Funding Target

Riversimple, a Wales-based hydrogen-electric car company, has successfully secured its initial £750,000 funding target through its latest equity crowdfunding campaign on Seedrs. The funding round has attracted more than 550 investors and is offering 1.26% in equity with a £58,933,056 pre-money valuation.

As previously reported, the car company has designed a new car called the Rasa, which emits nothing but a tiny amount of water and will do the equivalent of a c250mpg. The car’s charging only takes three minutes and the range is 300 miles. Riversimple revealed more details about the car by stating:

“Our entry vehicle, the Rasa, is a zero emission electric car, powered by hydrogen rather than batteries. Our first production run is well underway with Rasas destined for a 12 month trial with the public. We plan to follow the Rasa promptly with a light commercial van, and a 5 seat family vehicle as the network of filling stations matures. Rather than selling our vehicles, Riversimple will provide them as a service, with a single monthly fee which covers the car, the maintenance, insurance and all fuel.”

Funds from the latest Seedrs round will be used to support the 20 car production run and to forge ahead with the operations and marketing of The Clean Mobility Trial. Riversimple further explained it has a shortlist of customers waiting to participate in this trial, both households and organizations. The campaign is set to close in a few days.

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