UK-based scooter brand eFOLDi is set to close its equity crowdfunding campaign on Crowdcube later this week with nearly £500,000 secured. The funding round, which has attracted 250 Crowdcube investors, made its debut less than two years after eFOLDi raised £1.1 million through its first crowdfunding round on the Crowdcube platform.
As previously reported, eFOLDi is described 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 is a lightweight, compact & versatile mobility scooter powered by true innovations. Weighing only 17kg and folded to a suitcase size, the eFOLDi is fully road legal and airline compliant.”
Since its previous Crowdcube campaign, eFOLDi reported 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$14.2 billion 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 about the latest funding round, eFOLDi’s team 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.”
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