Bristol-based electric scooter company Pure Electric has launched its first crowdfunding campaign after smashing a £1m investment target in a private raise just hours beforehand.
The company, founded by millionaire businessman Adam Norris, launched its first public equity raise on Wednesday (October 19), as it looks to capitalise on its growth in Europe and drive further expansion.
Fast-growing Pure, which has seen a six-fold increase in revenue to £35m over the last two years, announced on Wednesday morning it had already surpassed expectations by securing almost £1.5m in a private raise before the three-week online campaign had started.
Mr Norris, a former pensions director with financial services company Hargreaves Lansdown and the father of Formula One 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.”
Established in 2018, Pure secured a £10m finance deal earlier this year to fund its growth. The firm, which employs around 120 people, had previously operated around 20 UK stores - including a showroom in Plymouth, opened only last year - but it has since closed all branches except its flagship store in London.
Chief commercial officer Rob Cowell said: “We made an important decision earlier this year to move away from e-bikes and focus exclusively on Pure-branded e-scooters. This was a difficult, strategic decision, which saw us close the majority of our stores to focus on delivering the best possible customer experience through our website, flagship stores in London and Toulouse, and strategic retailer partners."
The brand recently secured a deal with Currys to sell its scooters in 66 of the retail giant's UK and Ireland stores and on its website. Pure has sold 200,000 scooters across the UK, France, Belgium and Spain, with the firm also having recently secured more than 150 stores across France and Spain in partnership with retailer Fnac Darty.
Read next:
- Clean energy investment firm Thrive crowdfunds £6.8m for renewable projects
- Airbus delivers first A330neo plane to Virgin Atlantic
- New hydrogen plant near Bristol secures £2.5m funding
- Loungers on track to open record number of bars as sales grow
Like this story? Why not sign up to get the latest South West business news straight to your inbox.
