British e-scooter brand Pure Electric smashed through its crowdfunding target, hitting £2.3 million in investment from 1,200 backers.
Pure Electric, formerly a high street e-mobility retailer but now an e-scooter manufacturer, launched a Crowdcube investment campaign in October, hitting its initial £1 million goal within days, going on to far exceed that target.
The brand, based in Bristol, hit £1.5 million in a private fundraising round before the public campaign went live, hitting £2.39 million with support from 1,230 investors, with shares starting from £12.17.
Adam Norris, founder and CEO of Pure Electric said: “I founded Pure Electric because I wanted to invest the majority of the capital I had made through the IPO of my previous business into a business which offered both high financial returns, and a massive positive impact on the planet. We now have support from over 1,200 investors, sharing this view and joining us on our mission to fix a truly global problem. Their support will enable us to be the disruptor in the category, not the disrupted, all while expanding into new markets and ultimately helping reduce the effects of global warming from broken transport systems.”
Pure Electric was created in 2018 by Adam Norris, former founding director of Hargreaves Lansdown’s Pensions business and manager of Formula One driver, Lando Norris. Norris leads an experienced leadership team derived from successful mass premium brands including Dyson, Dr. Martens, Vivo Barefoot, Weber and Nisbets.
Since it was founded, Pure Electric has sold 200,000-plus e-scooters in the UK, France and Spain.
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Initially starting as an e-scooter and e-bike retailer, earlier this year Pure Electric closed most of its retail stores to instead focus on developing its own-brand e-scooters to sell through retail partners, including high street electrical retailer Currys in the UK.
MMB recently spoke in depth with Norris about his plans for the company.