Less than two weeks after launching its third equity crowdfunding campaign on Crowdcube, POD Point not only secured its initial 1.5 million funding target, it also closed the latest funding round, which was part of a larger £9 million fundraise led by venture capital firm Draper Esprit, who are investing £3 million for new shares and £2 million for secondaries.
Big thank you to everyone who invested in our crowdfund! We have now reached 100% of our target with £1,550,000 raised 🚀⚡️ #EV @Crowdcube pic.twitter.com/4wfqRASngN
— POD Point (@POD_Point) March 1, 2017
The company designs and manufactures electric vehicle (EV) charge points that can be used in the home or for public use. Its charge points are connected to the startup’s cloud-based management system, which enables recurring revenue from the network. Since POD Point’s launch, it has supplied over 44 million miles through its ecosystem, has shipped more than 27,000 charge points, and was listed in the Sunday Times Tech Track 100 list of the UK’s fastest growing technology companies two years running.
POD Point previously raised over £2 million through its first two Crowdcube initiatives and also securing over £1.4 through Seedrs. On Wednesday, POD Point’s CEO and co-founder, Erik Fairbairn, announced it planned to close the initiative once it reached its funding target:
“As the end of this crowdfund approaches, it’s important to note that there will be no overfunding capacity for this round. That means that while you can still invest now, once 100% of the funding target is reached you will no longer be able to invest. This differs to our previous rounds where we did allow a period of overfunding after we reached 100%. As part of the larger £9m round with Draper Esprit and Barclays Bank, this crowdfund will be instrumental in helping us accelerate the rollout of electric vehicle charging infrastructure in the UK & Europe.”
Funds from the new campaign will go towards staff/commercial development, ongoing software/hardware development, marketing, and European expansion.
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