Pure Electric, an e-scooter brand based in London, announced it has signed off on a £2.3 million equity crowdfunding, more than doubling its £1 million target over the course of the 26-day crowdfund campaign.
Over 1,200 crowd investors chose to back Pure Electric through Crowdcube, the popular pan-European crowdfunding portal. Low Budget Electric Scooter
The crowd money is anticipated to bring Pure Electric's e-scooters to Scandinavia, the Americas and more European markets.
Adam Norris, founding CEO of Pure Electric, took his last remit all the way to an IPO on the FTSE 100, during a decade-long tenure running the pensions side of Hargreaves Lansdown, a major-league UK investments manager.
Norris 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 1200 investors, sharing this view and joining us on our mission to fix a truly global problem."
Available through e-commerce channels, Pure Electric products currently can also be bought from two physical locations, in London Spitalfields and Toulouse, France, as well UK & Ireland tech chain Curry's.
During the fundraise, Pure Electric also struck a commercial partnership with Ireland's Dominic Smith Electrical stores, and has a further 150 stores in France and Spain in its pipeline through retailer FNAC Darty.
Since launching in 2018, Pure Electric has won awards for its All Pure Air e-scooters; T3 in June picked the Pure Air Pro LR as its "best electric scooter", after last year's supply chain excellence award from Logistics Manager, in recognition of Pure Air's supply chain partnership with logistics giant Maersk.
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