Less than two years after securing £1.1 million through its first equity crowdfunding campaign on Crowdcube, UK-based scooter brand eFOLDi has returned to the funding platform to raise a minimum of £350,000. As previously reported, eFOLDi is known as an electric personal vehicle developed by SunTech UK Ltd, a research-driven UK business on a mission to bring true freedom to people with reduced mobility.
eFOLDi reported that since its previous Crowdcube campaign it has helped thousands of people regain their travel freedom. The company claimed its newest model will be an even bigger game-changer and it is aiming to offer a further 33% weight reduction with magnesium alloy.
“Personal mobility market is expected to exceed more than US$14.2bn by 2024 at a CAGR of 7%. However, with 1 in 5 users having experienced tipping over and 53% of the users under 65 years old in 2014, we believe that current mobility products are too dangerous and old fashioned. Filled with patented technologies and creative ideas, eFOLDi is on a mission to bring true freedom and fun to people with reduced mobility!”
In regards to why its returned to Crowdcube and what the campaign’s funds will be used for, eFOLDi added:
“We are raising with Crowdcube again because we love giving ordinary people the chance to be part of the exciting eFOLDi journey! Funds will be used for stock purchase, marketing, further R&D and US entry.”
Since its launch, the campaign has raised nearly £220,000 from more than 100 investors. It is set to close mid-January.
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