Last week, CI reported that Uniti, a Swedish electric vehicle (EV) company that has raised capital several times with securities crowdfunding offerings, was close to shuttering operations. In recent years, Uniti has raised funding on both Crowdcube and FundedByMe.
Uniti said it needed to raise a minimum of 5 million SEK (~$457,000) by December 10th or the company was doomed. At the time of the report, Uniti said it had commitments totalling totaling 2.5M SEK from existing investors. Today, Uniti is reporting that it has received pledges totaling €640,000 – a bit more than it needed. Uniti noted that it is making up to 10 million shares available in Uniti Sweden AB at a pre-money valuation of 98,959,259.52 SEK and with a price per share of 1.71 SEK (€0.17).
Uniti founder and CEO Lewis Horne stated in an email:
“These funds will give us more time to complete a deal with a strategic automotive investor (term sheet already mutually signed) and/or pursue competing opportunities. That deal would unlock the capital and production capabilities necessary to bring our EVs to market. Once completed, the investor is targeting an IPO within a year.”
The unnamed investor is said to be a Chinese firm that is willing to help finance the project and help bring the first demo vehicles to life.
Uniti is still accepting investor commitments but it appears to have been able to have bought a bit more time to execute on its vision of an affordable, yet modern EV.
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