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 ÂŁ1 million target almost immediately. Â
In the first morning of crowdfunding on fundraising platform Crowdcube, Pure Electric hit ÂŁ1.5m with support from 271 backers.Â
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.”Â
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.Â
Since its launch, Pure has sold 200,000-plus e-scooters in the UK, France and Spain, and has grown from ÂŁ5.5m to ÂŁ35m in two years.Â
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.Â
Investors can put in as little as ÂŁ12.17 through Crowdcube. Â