E-scooter specialist Pure Electric has already smashed through its fundraising target, after launching an online crowdfunding campaign.
The Somerset-based electric scooter brand, founded by entrepreneur Adam Norris, launched its public equity campaign on Wednesday morning (19th October), hitting its £1 million target almost immediately.
In the first morning of crowdfunding on fundraising platform Crowdcube, Pure Electric hit £1.5m with support from 271 backers.
Norris, the former founding director of Hargreaves Lansdown Pensions Direct, and father of Formula 1 driver Lando Norris, said: “I started Pure Electric to provide a solution to the escalating environmental issues caused by traditional transport systems. Our ground-breaking technology, designed by our world-class team, is now providing greener, safer, and more affordable transport.
“As we continue to scale our business and discover more ways that e-scooters can transform society, I passionately believe that this is a phenomenal opportunity and I’m delighted to invite like-minded investors to be part of our mission.”
Pure was founded as an e-scooter and e-bike retailer in 2018, but this year closed a majority of its stores and moved away from e-bikes to focus on manufacturing its own-brand e-scooters.
The brand recently signed a partnership with British high street electric retailer Currys, which will now stock Pure scooters in its 66 stores and online.
Since its launch, Pure has sold 200,000-plus e-scooters in the UK, France and Spain, and has grown from £5.5m to £35m in two years.
Pure also recently launched two new e-scooter models. These new designs feature lower, side-by-side foot platforms offering riders a forward-facing riding position, along with new folding mechanisms, and improved steering technology. Pure hopes the new scooters will be a step-change in the way scooters are designed.
Investors can put in as little as £12.17 through Crowdcube.